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Snap: Susquehanna puts out a positive note, shares jump

(CercleFinance.com) - Snap, the owner of the popular messaging app Snapchat, saw its shares jump 4.
5% to 16.5 dollars on Tuesday after Susquehanna International upgraded the stock on the back of the company's current momentum.

"Our checks have suggested that solid growth has continued in the third quarter, with expectations for continued progress in the fourth quarter," the broker wrote in a note this morning.

"There appear to be many reasons for the continued momentum with checks citing the improved self-serve capabilities, benefits from the sales reorganization (...), and lower-cost inventory," it added, raising its target price from 12 dollars to 18 dollars.

However, the stock's high valuation,prevents Susquehanna from being more constructive, the broker pointed out in its note.

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