Millenials around the world rejoice! Shares in Snap (NYSE:SNAP) have risen after the stock was given its first "buy" rating.
Monness, Crespi, Hardt gave the parent company of Snapchat a "buy" rating and price target of $25, leading the shares to climb more than three percent to over $20 in early morning trade.
"We recognize we are potentially giving too much credit for unproven skills in building a business, rather than just a product, but we see more to Snap than many suggest," analyst James Cakmak said in a note to investors.
On Friday Snap shares had plunged almost 30 percent from their peak and were trading below $20 after another analyst slapped a "sell" rating on the stock.
Despite Monness, Crespi, Hardt labelling Snap a "buy" most trading companies still see the stock as a "sell".
Six firms currently rate Snap as "sell" while three see the stock as a "hold" warning the company may never turn a profit due to slowing user growth, widening losses and lack of voting rights for outside investors.
Snap remains above its IPO price of $17 but was on steady downward trajectory after peaking at $29 on its second day on the market at the start of this month.