Snap Pops as Analysts Call it a Buy



© Reuters.

By Christiana Sciaudone

Investing.com — 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 Investing.com. 

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

 

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