Snap Inc. Stock Upgraded: What You Need to Know
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope...
Pity the folks who got in early on the Snap, Inc. (NYSE: SNAP) IPO. After going public at $17 a share, the Snapchat parent's stock surged past $27 -- but it's been all downhill since. Yesterday, Snap stock closed at $13.57, roughly 50% below its IPO day price.
And yet, hope springs eternal for a Snapchat rebound. This morning, StreetInsider.com (requires subscription) reported that analysts at Barclays think Snap stock could rise as high as $18 over the next 12 months, surpassing the stock's IPO price and surging ahead on the back of multiple catalysts.
Source: Fool.com
