Snap pops after receiving first ‘buy’ rating while Wall St edges lower


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    Investing.com - Shares of snap traded higher on Monday, after the social media company received its first 'buy' rating while U.S. equities struggled to hold onto gains.

    Snap Inc (NYSE:SNAP), parent company of popular social media app Snapchat, received its first 'buy' rating, after equity research firm Monness Crespi Hardt initiated coverage on Snap with a "buy" rating and price target of $25.

    Snap rose to a session high of $20.42 in U.S. premarket trade on Monday, as investors mulled over Moness Crespi Hardt's somewhat bullish note to investors concerning Snap.

    "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.

    In what was quiet day for top-tier economic releases, U.S. equities failed to hold onto gains from early morning trade as investors awaited comments from several Federal Reserve officials while the Federal Reserve's more dovish than expected outlook concerning the pace of rate hikes this year continued to remain front and center.

    Chicago Federal Reserve President Charles Evans said Monday, four rate hikes could be a possibility if "things really pick up" and pointed out the economic fundamentals are "solid".

    President Charles Evans comments, follows a statement from the Federal Reserve last Wednesday, as the U.S. central bank maintained its previous outlook of three rate hikes in 2017.

    Elsewhere, FBI Director James Comey confirmed on Monday that the agency is investigating the extent of Russian influence in the U.S. presidential elections.

    The Dow Jones Industrial Average traded 0.03% lower at 20,909. The S&P 500 shed 0.22% and the Nasdaq Composite traded roughly flat at 5,897.

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