Snap Stock Buoyed by Barrage of Buy Ratings

Shares of Snap Inc. rose 4.5% Monday hot on the heels of many “buy” ratings issued by the research divisions of banks that underwrote the company’s initial public offering earlier this month.

The stock closed at $23.83 after riding higher than the $24 IPO opening-price level for much of the day. The boost countered initial bearish assessments from analysts that suppressed Snap shares during its first few weeks on the market.

But Monday marked the end of a 25-day quiet period for banks that supported Snap’s IPO. Citigroup, Deutsche Bank, Credit Suisse and Goldman Sachs were among the analysts who issued rosy outlooks for the Snapchat parent company.

“Snap looks well positioned for growth as advertisers clamor to serve ads to its large audience of deeply-engaged users, many of whom are in the attractive millennial demographic and are located in high-value ad markets,” wrote Jefferies analyst Brian Fitzgerald, who also issued a buy rating.

In an “outperform” rating issued by Cowen & Co. analyst John Blackledge estimated that Snap would more than double its 2016 revenues this year to just over $1 billion and eventually take approximately 5% share of the booming global mobile advertising market by 2022.

Snap shares have been on a roller-coaster ride since IPO, rocketing 59% on its first few days on the market before dropping low double-digit percentages in subsequent weeks. Last week, Snap shares found their footing, posting a 16% gain.

More Digital

  • Chance the Rapper

    Chance the Rapper Buys Chicagoist Website, He Announces in New Single

    Shares of Snap Inc. rose 4.5% Monday hot on the heels of many “buy” ratings issued by the research divisions of banks that underwrote the company’s initial public offering earlier this month. The stock closed at $23.83 after riding higher than the $24 IPO opening-price level for much of the day. The boost countered initial […]

  • The Bureau French TV Show

    French Firm Federation Steps Into the U.S. Market

    Shares of Snap Inc. rose 4.5% Monday hot on the heels of many “buy” ratings issued by the research divisions of banks that underwrote the company’s initial public offering earlier this month. The stock closed at $23.83 after riding higher than the $24 IPO opening-price level for much of the day. The boost countered initial […]

  • iQiyi Nasdaq Stock Exchange

    Chinese Video Streamer iQIYI Buys Game Developer Skymoons

    Shares of Snap Inc. rose 4.5% Monday hot on the heels of many “buy” ratings issued by the research divisions of banks that underwrote the company’s initial public offering earlier this month. The stock closed at $23.83 after riding higher than the $24 IPO opening-price level for much of the day. The boost countered initial […]

  • MIP Cancun Co-production Forum Bigs Up

    MIP Cancun Co-production Forum Set for 2018 Sophomore Edition

    Shares of Snap Inc. rose 4.5% Monday hot on the heels of many “buy” ratings issued by the research divisions of banks that underwrote the company’s initial public offering earlier this month. The stock closed at $23.83 after riding higher than the $24 IPO opening-price level for much of the day. The boost countered initial […]

  • Subscriptions, Usage Climb at Iflix Streaming

    Subscriptions, Usage Climb at Iflix Streaming Service

    Shares of Snap Inc. rose 4.5% Monday hot on the heels of many “buy” ratings issued by the research divisions of banks that underwrote the company’s initial public offering earlier this month. The stock closed at $23.83 after riding higher than the $24 IPO opening-price level for much of the day. The boost countered initial […]

  • Netflix TV user interface

    Netflix Revamps TV Interface, Aiming to Boost Streaming Hours

    Shares of Snap Inc. rose 4.5% Monday hot on the heels of many “buy” ratings issued by the research divisions of banks that underwrote the company’s initial public offering earlier this month. The stock closed at $23.83 after riding higher than the $24 IPO opening-price level for much of the day. The boost countered initial […]

  • young turks - TYT Network

    The Young Turks Sued for Racial Discrimination by Ex-Employee

    Shares of Snap Inc. rose 4.5% Monday hot on the heels of many “buy” ratings issued by the research divisions of banks that underwrote the company’s initial public offering earlier this month. The stock closed at $23.83 after riding higher than the $24 IPO opening-price level for much of the day. The boost countered initial […]

More From Our Brands

Access exclusive content