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17.09.2019 14:12:24

Snap stock gains after Susquehanna ends bearish call

Shares of Snap Inc. are up 1.8% in premarket trading Tuesday after Susquehanna analyst Shyam Patil upgraded the stock to neutral from negative, citing "constructive" advertising channel checks and expectations for more progress in the fourth quarter. He wrote that the popularity of Instagram's "stories" feature seems to be making advertisers more willing to market on Snap's "stories" as well. Patil also sees room for Snap to meet or exceed its user-growth forecast of two to four million net additions for the third quarter. He's staying sidelined on the stock, however, due to its valuation. Snap shares have gained 16% in the past three months, as the S&P 500 has risen 3.8%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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