Why Snap, Regal Entertainment Group, and Revance Therapeutics Jumped Today
Tuesday was a down day for most of the stock market, with major benchmarks finishing with modest losses of half a percent or less. The NYSE Composite pulled back from the record highs it reached early on Monday, and the rotation between different sectors gave way to broader-based selling across industry lines. Some market participants fear that recent advances in stocks have fully priced in expectations of tax cuts, and that could leave investors vulnerable to downdrafts if something other than the best-case scenario comes about. Yet good news from individual companies helped limit losses, and Snap (NYSE: SNAP), Regal Entertainment Group (NYSE: RGC), and Revance Therapeutics (NASDAQ: RVNC) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Snap climbed 10% after the Snapchat operator got positive comments from professional analysts. Stock analysts at Barclays raised hope that Snap might finally have hit bottom, raising their rating on the stock from equal weight to overweight and boosting their price target by more than 60% to $18 per share. The analysts said revenue growth, investment interest from a Chinese industry peer, and redesigned app platforms could be catalysts for a rebound. Even if Snap is able to reach the new price target, however, it will still be down from its opening-day price following its initial public offering.
Image source: Snap.
Source: Fool.com