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Investing.com — Snap Inc (NYSE:SNAP) shares are up around 0.6% Monday after Citi issued an upgrade on the stock.
Despite the social media company posting below par earnings that saw its shares plunge 25% in the aftermath, Citi analyst Jason Bazinet raised Snap from neutral from sell.
However, Bazinet cut the firm’s price target on Snap shares to $53 from $67.
The analyst said that he has taken a step back following the company’s third quarter earnings but says he still continues to value Snap using multiples for peers, including Twitter (NYSE:TWTR), Facebook (NASDAQ:FB), and Pinterest (NYSE:PINS), which are adjusted for Snap’s superior growth.
Snap shares are currently trading around $52.87.
