Snapchat parent Snap's shares surge after upgrade to buy rating
Shares of Snapchat parent Snap Inc. SNAP, +10.30% shot up 9.7% toward a 6 1/2-month high in active morning trade Thursday, after BTIG analyst Richard Greenfield surprised his followers by turning bullish on the social media company, citing among other reasons a surge in advertising spend and user stickiness. Greenfield raised his rating to buy, after being at neutral for three months, which followed a 3-month stretch at a sell rating.
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