Snap may have doubled this year, but don't buy because of 'FOMO,' says technician

It wasn’t a snap decision.

After two years on the sidelines, BTIG analyst Rich Greenfield upgraded shares of social media company Snap to a buy rating Thursday. The stock surged more than 12 percent on Greenfield’s call that the name can reach $15 based on advertising growth.

Snap has more than doubled in 2019, gaining nearly 105 percent. But the move followed what was a steep slide in the fourth quarter, and the shares are still roughly 38 percent from their 52-week high last March.

The stock has undoubtedly been on a tear, but two market watchers said to be very careful…

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