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Snap Stock Edges Higher Following Citi Upgrade -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Snap Inc (NYSE: shares are up around 0.6% Monday after Citi issued an upgrade on the stock.

Citi analyst Jason Bazinet elevated Snap to neutral, despite the company’s below-par earnings and shares plunging 25%. 

Bazinet lowered Snap’s target price to $53 from $67.

Although he acknowledged that Snap has suffered from third-quarter earnings, the analyst still values Snap by using multiples of peers such as Twitter (NYSE), Facebook (NASDAQ) and Pinterest (NYSE). These multiples are adjusted to reflect Snap’s exceptional growth.

Snap shares currently trade at $52.87

 

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