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Snap Jumps as its Bags First ‘Buy’ Rating
Snap shares rose after securing its first 'buy' recommendation from a Wall Street analyst, giving the social media tech company a reprieve from the sell-off it has seen since its market debut.
The $3.4 billion IPO initially received strong demand from investors, with the stock posting dramatic gains during the first two days after its official market debut. However, the stock steadily lost footing as investors concerns regarding the Snapchat owner's high valuation and lack of profitability induced doubts of analysts on Wall Street.
Based on the median recommendations of analysts comprised of three categories: buy, sell and neutral, Snap is currently the worst-rated stock among listed U.S. firms with a market cap of at least $20 billion.
But the stock was given a lift by Crespi, Hardt & Co. analyst James Cakmak, who gave the firm its first-ever “buy" rating and put the price target at $25. Its shares traded up 2.09 percent at $19.96 in midday trading.
In a report, Cakmak said that Snap is perceived as a firm with the potential to speed up its rate of revenue growth by seven fold. It is also projected with a sharp margin trajectory, while its peers have most likely reached their peak already.
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