Snapchat surges above $20 after receiving its first Wall Street 'buy' rating

Snap Inc, the parent company of messaging company Snapchat is higher by 3.9% at $US20.30 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 $US25 on Snap’s stock. Shares plunged 11% last week towards the IPO price of $US17 as traders loaded up on bets against the company.

Shares os Snapchat plunged 11% last week, nearing the IPO price of $US17, as traders loaded up on bets against the company.

Get the latest Snap stock price here.

NOW WATCH: 7 mega-billionaires who made a fortune last year

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.