Why Snap Stock Jumped Today
Shares of Snap (NYSE: SNAP) have jumped today, up by 5% as of 3 p.m. EST, after the company received an upgrade from Wall Street. JMP Securities has boosted its rating on the Snapchat parent from market perform to market outperform.
Analyst Ron Josey is becoming increasingly confident in Snap's turnaround, assigning a $20 price target on Snap shares, which represents roughly 40% upside compared to yesterday's close. The firm is "incrementally confident in Snap's ability to grow its user base, increase engagement given newer products and services, and improve overall monetization as the service attracts more advertisers and share of ad budgets," Josey wrote in a research note to investors.
Image source: Snap.
Source Fool.com
