Snap soared Thursday, and is now up more than 100 percent since the start of the year. But Blue Line Futures' Bill Baruch says don't be tempted to buy due to 'fear of missing out.'
div > div.group > p:first-child"> After two years on the sidelines, BTIG's Rich Greenfield upgraded shares of social media company Snap to a buy rating Thursday. The stock surged more than 12 percent on Greenfield's call that the name can reach $15 based on advertising growth.
He noted that if the stock could break the resistance and close above $12, tail wind momentum could lift it to $14 - $17. In an effort to attract new users Snap has undergone a series of design changes, among other things, but growing competition from Facebook and Twitter as well as a number of high-level executive departures have continued to plague the stock over the last year.
He said that it has a"cool product" and that it's the"most preferred social networking program among teenagers," but the problem, according to Tepper, is that teenagers are not the ones with money to spend. This means the platform is less valuable from an advertising standpoint.
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