Snap spiked to its best level in more than three months on Thursday morning, hitting a high of $US16.69 a share. Currently it’s trading up 0.44% at $US16.05.
Snap’s stock finally looks like it could be turning a corner following a brutal six months of trading. The company’s initial public offering priced at $US17 and spiked to more than $US29 just a couple of days later. But, a slew of downgrades, word that rival Facebook was copying its every move and a massive share unlock pushed shares below $US12 i the middle of August.
Thursday’s advance comes after the social media company received a pair of favourable bank write ups on Wednesday. Credit Suisse raised its price target on the stock to $US20 a share and said advertisers were finally warming up to the platform’s
unique vertical platform. While Piper Jaffray kept its target at $US12.50, it said Snap was destroying rival Facebook in winning over teenagers.
Shares are still down 5.6% from their March IPO.
Snap is set to report third-quarter earnings on November 15.