Snap stock rises after Citron makes bullish call
Shares of Snap Inc. are up 5.4% in Thursday trading after Citron Research announced that it now had a long position in the stock. “The most heavily shorted social media site offers a compelling opportunity for investors as even no news is good news,” the Citron team wrote in a report. “Staying short a stock where negative catalysts and news flow are baked in is a recipe for disaster that is often coupled with an inability to look past the headlines.” The team at Citron wrote that ad impressions are up, the company has avoided the sorts of privacy scandals that plagued Facebook Inc. and Twitter Inc. , and Snap’s stock is trading at a discount to internet peers. Citron initiated coverage of Snap with a $17 price target. The stock is down 45% over the past 12 months, while the S&P 500 has gained 12%.