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Snap Stock Is Trading at a One-Year High

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Jun. 7 2019, Updated 3:41 p.m. ET

Snap rallies 6.8% after upgrade

Snap’s (SNAP) rally continued yesterday, with the stock rising 6.8% to $13.80, a one-year high. The stock has soared 36.7% in the last month and over 150% this year, and it appears richly valued.

The latest increase came after Pivotal Research upgraded its rating for the stock from “hold” to “buy” and raised its target price from $13.25 to $17.25, citing “increasing signs of momentum in the business.”

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Snapchat takes baby steps toward recovery

Snap’s tremendous resurgence this year has been underpinned by several moves by the company, including filling high-profile vacancies and unveiling a gaming platform that could retain its young user base. Snapchat users will also soon be able to send their statuses to other apps such as Tinder, and the company’s re-engineered Android apps seem to be bringing back old users.

Snapchat finally grew its user base during the first quarter after three quarters of non-growth. The social media company has also been able to rein in losses, a source of investor concern.

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