Snap upgraded to buy at Pivotal Research, shares jump

Investing

A monitor displays Snap Inc. signage on the floor of the New York Stock Exchange (NYSE) in New York.

Michael Nagle | Bloomberg | Getty Images

Shares of Snap jumped more than 7% on Thursday after Pivotal Research upgraded the stock. 

Pivotal Research increased its rating on the stock to buy from hold and hikes the target price to $17.25 from $13.25 because it sees “increasing signs of momentum in the business.”

“We recognize that this is aggressive vs historical ranges, but there is a healthy amount of remaining skepticism about the business among investors, and we think a turn in usage and revenues could translate into a meaningful re-rating higher,” Pivotal Research’s Michael Levine said in a note to clients Thursday. 

Shares of Snap of are more than 152% so far this year. 

This is a developing story. Check back for updates.

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