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Snapchat surges above $20 after receiving its first Wall Street 'buy' rating

Greg Hoffman

Snap Inc, the parent company of messaging company Snapchat is higher by 3.9% at $20.30 per share after Monness analyst James Cakmak initiated coverage with a "buy" rating, the first for the stock since its March 2 initial public offering. Cakmak has a price target of $25 on Snap's stock. Shares plunged 11% last week towards the IPO price of $17 as traders loaded up on bets against the company.

Shares os Snapchat plunged 11% last week, nearing the IPO price of $17, as traders loaded up on bets against the company.

Snapchat

(Markets Insider)

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