Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Snap Pops as Analysts Call it a Buy

Published 06/04/2021, 15:15
Updated 06/04/2021, 15:15
© Reuters.

By Christiana Sciaudone

Investing.com -- Snap (NYSE:SNAP) 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:BAC) 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.

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.