Snap (NYSE:SNAP) popped more than 6% after two analysts called it a buy.
Atlantic Equities upgraded the stock to overweight from neutral, while Evercore assumed coverage with an outperform rating, StreetInsider reported.
Snap is down 20% from a record in February when the company said at its Investor Day it expects multiple years of revenue growth at 50% and higher. Enter Cathie Wood. Two days later, her powerfully influential ARK Investment sold off shares. That was followed a few weeks later by Bank of America (NYSE:BAC) downgrading it to a neutral from a buy with a $67 price target saying second-half comps could be tougher as the broader economy accelerates, StreetInsider said.
Snap’s not yet profitable, and analysts don’t expect to see that change in the coming quarters.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.