Snap shares are trading higher after Guggenheim upgraded the stock from Neutral to Buy and raised its price target from $9 to $23.
Portfolio Pulse from Benzinga Newsdesk
Snap Inc. shares have risen following an upgrade by Guggenheim from Neutral to Buy, with an increased price target from $9 to $23.
December 18, 2023 | 3:14 pm
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POSITIVE IMPACT
Snap Inc.'s stock is likely to experience a positive short term impact due to Guggenheim's upgrade to Buy and a significant raise in the price target.
Analyst upgrades typically lead to a positive short term reaction in the stock market as they suggest improved future performance and investor sentiment. The substantial increase in the price target from $9 to $23 indicates a strong conviction in the company's potential, which can further fuel investor optimism and drive up the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100