Shares of instant-picture social media platform Snap (SNAP) snapped back on Friday, recovering some of the week's steep losses, after receiving an upgrade from analysts at Morgan Stanley, who feel the company's improved advertising options will lead to stronger revenue momentum.
Shares of Snap were up 2.59% at $14.67 in premarket trading on the New York Stock Exchange on Friday after Morgan Stanley analyst Brian Nowak upgraded his rating on the company to equal weight from underweight, and raised his price target on the stock to $17 from $14.
The upgrade -- and the accompanying share rebound -- follows a near 5% drop for SNAP on Thursday in the wake of Facebook's (FB) announcement that it was rolling out an update to its popular Instagram service that has similar features and capabilities as Snap's.
Bull Market Fantasy: LIVE TUESDAY & THURSDAY @10:45AM
Catch Up: Today's Top News Videos Below