Snap (SNAP) IPO Opens Up 41%

UPDATE: Snap (SNAP) Tests Session Highs at $28

(Updated - March 3, 2017 10:36 AM EST)

Snap (NYSE: SNAP) got off to strong start in its first day of trading since yesterday's IPO. Shares surged 16%, climbing above $28 per share on very heavy volume.

Snap (SNAP) Adds to Gains After Stellar Debut

Yesterday's hot IPO for Snap (NYSE: SNAP) is adding to yesterday's surges. After gaining 44% on its debut, shares of SNAP are up another 2.3% in pre-open trade to $25.04. Yesterday's high on the stock was $26.05.

Upside comes despite zero love from the sell-side. So far there are 5 ratings: 2 Neutral and 3 Sells.

Susquehanna Starts Snap Inc (SNAP) at Neutral, $22 PT

Susquehanna initiates coverage on Snap Inc (NYSE: SNAP) with a Neutral rating and a price target of $22.00.

Analyst Shyam Patil commented, "Euphoria could cause a short-term disconnect between fundamentals and valuation, but longer-term we struggle to see SNAP as an investment with meaningful upside potential from current levels."

He said near-term could offer upside potential

"We believe the current price of $24 could... More

Snap (SNAP) Pares Some Gains Heading Into Final Hour of Trading

(Update)

Snap (NYSE: SNAP) pared gains in late afternoon trading following its IPO today. The stock surged initially, trading as high as $26 per share after pricing at $17 and opening at $24.

The stock currently trades just north of $25 per share.

Aegis Capital Formally Starts Snap (SNAP) at Hold

Aegis Capital formally initiates coverage on Snap Inc. (NYSE: SNAP) with a Hold rating and a price target of $22.00 (orig from 02/28).

Victor Anthony commented, "Our concerns about Snaps business and stock are eight-fold: 1) slow user growth and no growth in some regions same issue with Sell-rated Twitter; 2) the ease by which... More

Instinet Starts Snap Inc (SNAP) at Reduce

Instinet initiates coverage on Snap Inc (NYSE: SNAP) with a Reduce rating and a price target of $16.00.

Analyst Anthony DiClemente commented, "Snap Inc. is becoming a public company just as its user growth and monetization growth rates are beginning to meaningfully... More

Pivotal Research Starts Snap Inc (SNAP) at Sell With Price Target of $10

Pivotal Research initiated coverage on Snap Inc (NYSE: SNAP) with a Sell rating and a price target of $10. Snap's IPO just opened at $24 after pricing at $17 per share.

Analyst Brain Wieser explained his sell recommendation, stating, "Snap is a promising early stage company with significant opportunity ahead of itself. Unfortunately, it is significantly overvalued given the likely scale of its long-term opportunity and the risks associated with executing against that opportunity. Significant ongoing dilution from share-based compensation will likely represent an... More