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Snap Inc. (NYSE: SNAP) is set to release its second-quarter financial results after the markets close on Tuesday. The Thomson Reuters consensus analyst estimates are a net loss of $0.17 per share and $251.19 million in revenue. In the same period of last year, Snap said it had a net loss of $0.16 per share and revenue of $181.67 million.

Boutique research firm MoffettNathanson issued a call earlier this quarter in which it noted that Snap may have hit the bottom that investors were waiting for. However, the firm is still cautious on the outlook. Ultimately, MoffetNathanson upgraded Snap to a Neutral rating from Sell.

One of the driving factors for this upgrade was the fact that Snap listened to its users and redesigned its app a second time. The first redesign was a big turnoff for users and investors alike, but the second attempt garnered a more positive reaction.

Analyst Michael Nathanson commented in the report:

Several factors could potentially improve Snap’s situation throughout the year, including the redesign of the app redesign, completion of the shift to a programmatic advertising model, launch of the new Android app and a leaner organizational structure.

MoffettNathanson went on to say that Snap’s dirty laundry had been “sufficiently aired out in the market” and that its previous sell call and bearish sentiment are currently reflected in consensus views and estimates.

Excluding Tuesday’s Move, Snap had underperformed the broad markets, with its stock down about 3.5% in the past 52 weeks. In just 2018 alone, the stock was down over 10%.

Here’s what a few other analysts said about Snap ahead of the report:

• SunTrust Banks has a Hold rating and a $13 price target.
• Wedbush has a Hold rating with a $10 price target.
• Cowen has an Underperform rating with an $8 target.
• Nomura has a Neutral rating with a $13 price target.
• Aegis has a Hold rating.
• Wells Fargo has a Hold rating.

Shares of Snap were last seen up nearly 1% at $13.16 on Tuesday, with a consensus analyst price target of $11.74 and a 52-week trading range of $10.50 to $21.22.