Snap stock got a boost on Friday following an upgrade from an analyst.
The upgrade to Snap stock comes from Pivotal Research analyst Brian Wieser. This upgrade has the analyst increasing the rating for Snap (NASDAQ:SNAP) from “Sell” to “Hold.” However, there is no update to the firm’s price target, which is still sitting at $9 per share.
This may not seem like a major win for Snap stock, but investors in the company will take any good news that they can get. It’s performance recently has left much to be desired and it looks like many analysts are finally getting tired of waiting for results, reports The Motley Fool.
Case in point is a series of price target drops and a downgrade for the stock that came out on Wednesday. The new price targets for the stock came from Jefferies, Citigroup and BTIG Reserach. They were $11, $8 and $5, respectively.
BTIG Reserach wasn’t content to just drop its price target for Snap stock down to $5 per share. The research firm also dropped the stock from a “Hold” rating to a “Sell” rating on Wednesday. Analyst Richard Greenfield also said he considered dropping the rating for the stock back in October 2017, but made the mistake of giving Snap executives more time to figure out how to monetize the platform.
SNAP stock was last closed at $9.35 on Thursday. The stock is currently up slightly as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.