Snap rallies 6.8% after upgrade
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.”
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.