Snap Pops as Analysts Call it a Buy

© Reuters.

By Christiana Sciaudone — Snap (NYSE:) popped more than 6% after two analysts called it a buy.

Atlantic Equities upgraded the stock to overweight from neutral, while Evercore assumed coverage with an outperform rating, StreetInsider reported. 

Snap is down 20% from a record in February when the company said at its Investor Day it expects multiple years of revenue growth at 50% and higher. Enter Cathie Wood. Two days later, her powerfully influential ARK Investment sold off shares. That was followed a few weeks later by Bank of America (NYSE:) downgrading it to a neutral from a buy with a $67 price target saying second-half comps could be tougher as the broader economy accelerates, StreetInsider said.

Evercore set a price target of $68, compared to the average of almost $78. Most analysts feel good about the company, with 26 saying buy, seven hold and one sell, according to data compiled by 

Snap’s not yet profitable, and analysts don’t expect to see that change in the coming quarters.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Hyundai to end domestic sales of Kona EVs after recalls -reports

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here