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Why Snap Shares Soared Today

TheMotleyFool

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Snap (NYSE: SNAP) stock soared today, up by 10% as of 3:15 p.m. EST, after Barclays upgraded shares from equal weight to overweight, the equivalent of a buy. The firm believes that the worst is in the rearview mirror, and Snap is preparing to rebound.

Barclays analyst Ross Sandler boosted his rating while increasing his price target from $11 to $18, which represents meaningful upside from where Snap is now trading at. Sandler has been neutral on Snap since the company went public in March (Barclays was also an underwriter of Snap's IPO), but thinks things will turn around in 2018 due to several factors.

Image source: Snap.

Source: Fool.com

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