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.