Snap-on Incorporated (SNA) Earns "Outperform" Rating from CIBC

Posted May 17, 2017

According to an update released by analysts at Deutsche Bank the broker has now set a "Buy" rating on shares of Snap Chat (NYSE:SNAP) with a price target of 23.

Analysts, including Sandler, on Thursday revised their expectations for the stock with at least nine brokerages lowering their price targets. They set a buy rating and a $27.00 price target on the stock. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Citigroup Inc initiated coverage on shares of Snap in a research report on Monday, March 27th. They issued a "neutral" rating for the company. Monness Crespi & Hardt initiated coverage on Snap in a report on Monday, March 20th. They issued a market perform rating and a $21.00 target price for the company.

Snap closed up 8.36 percent on the day at $20.74, higher than its $17 IPO price but down nearly 30 percent from its highest trading price on March 3. The brokerage now has a $30.00 target price on the stock. Nomura started coverage on shares of Snap in a report on Friday, March 3rd. The firm has a 50 day moving average price of $21.55 and a 200-day moving average price of $21.68. Snap has a 12-month low of $17.59 and a 12-month high of $29.44.

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Snap (NYSE:SNAP) last announced its earnings results on Wednesday, May 10th. Snap's revenue for the quarter was up 285.6% on a year-over-year basis. Equities research analysts predict that Snap will post ($0.54) earnings per share for the current year.

TRADEMARK VIOLATION NOTICE: "Snap's (SNAP) "Buy" Rating Reaffirmed at Jefferies Group LLC" was published by Markets Daily and is owned by of Markets Daily. If you are reading this story on another website, it was illegally copied and republished in violation of USA and worldwide copyright and trademark laws. The legal version of this piece of content can be accessed at The position makes it Snap's fifth-largest holder as of latest filings, according to Bloomberg data. US Bancorp DE bought a new position in Snap during the first quarter valued at about $101,000. Finally, Geneva Advisors LLC bought a new stake in shares of Snap during the first quarter worth $406,000.

Ahead of its first-ever earnings call later today, Snap has unveiled a few changes to its Snapchat image- and video-sharing app that could help it boost appeal to marketers and better compete with rivals, including Facebook-owned Instagram. Stephens Inc. AR raised its position in shares of Snap-on by 58.8% in the first quarter. Sumitomo Mitsui Asset Management Company LTD acquired a new stake in shares of Snap during the first quarter valued at $2,119,000. Trade volume Monday in the stock was 69.2 million, about three-and-a-half times the 30-day average of 19.5 million shares.