Snap Inc (NYSE:SNAP) investors are shouting “hallelujah” on the first trading session of the week as the company has finally received its first “buy” rating from Wall Street.
Monness Crespi Hardt established its coverage of the social media app titan with a “buy” rating. The Wall Street firm gave it a price target range of $25, which helped boost its shares on Monday.
“We recognize we are potentially giving too much credit for unproven skills in building a business, rather than just a product, but we see more to Snap than many suggest,” analyst James Cakmak said in a note to investors.
It was also added that Snapchat may have the potential of outpacing the revenue of its fellow competitors.
Since filing its initial public offering (IPO), Wall Street has been negative on Snapchat. The company has only been slapped with “sell” and “hold” ratings this month.
Here is now the list of “buys,” “sells” and “holds”:
Monness Crespi Hardt – (BUY)
Needham – Underperform (Sell)
Atlantic Equities – Underweight (Sell)
Morningstar – (Sell)
Aegis – (Hold)
Susquehanna – (Hold)
Nomura Instinet – Reduce (Sell)
Pivotal Research – (Sell)
CFRA Research – (Hold)
FBN Securities – Sector Perform
Cantor – Underweight
MoffettNathanson – (Sell)
Last week, Snapchat shares dipped below $20 for the first time, trading close to its IPO price of $17. At the time of this writing, shares are up $0.71, 3.63 percent, to $20.25. Nonetheless, it still remains below its post-IPO price, and investors are still in the red.