Snap spikes to its best level in more than 3 months
Snap's stock price spiked to its highest level in more than three months on Thursday morning, hitting a high of $16.69 a share. Currently it's trading up 0.44% at $16.05. The last time the stock price was above $16 was on July 11.
Snap finally looks like it could be turning a corner following a brutal six months of trading. The company's initial public offering priced at $17 and spiked to more than $29 just a couple of days later. But, a slew of downgrades, word that rival Facebook was copying its every move, and a massive share unlock pushed shares below $12 in the middle of August.
Thursday's advance comes after the social media company received a pair of favorable bank write ups on Wednesday. Credit Suisse raised its price target on the stock to $20 a share and said advertisers were finally warming up to the platform's unique vertical platform. While Piper Jaffray kept its target at $12.50, it said Snap was destroying rival Facebook in winning over teenagers.
Shares are still down 5.6% from their March IPO.
Snap is set to report third-quarter earnings on November 15.
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