Shares of Snap, parent company of Snapchat, rose on Tuesday following an upgrade from Stifel ahead of the company’s earnings release after the bell.
Stifel upgraded Snap to buy from hold and hiked its price target to $17 from $13. The company is trading around $14 a per share.
“Although 2Q:19 could see noise related to a significant sales force reorg., we are increasingly optimistic about Snap’s growth prospects in 2H:19 and beyond,” Stifel’s John Egbert said in a note to clients on Monday.
