Snap Inc, the parent company of messaging company Snapchat is higher by 3.9% at $20.30 per share after Monness analyst James Cakmak initiated coverage with a "buy" rating, the first for the stock since its March 2 initial public offering. Cakmak has a price target of $25 on Snap's stock.
Several Wall Street analysts advised investors to either hold or sell shares of Snap Inc. after the company went public on March 3. Before Monday, Snap had no "buy" ratings, five "hold" ratings, and six "sells" according to Bloomberg.
Shares os Snapchat plunged 11% last week, nearing the IPO price of $17, as traders loaded up on bets against the company.