Snap Inc. shares have risen 5% to $15.91 in afternoon trading after a positive note from Monness, Crespi, Hardt & Co. analyst James Cakmak to clients Monday. In the report, Cakmak wrote that the stock has reached as a turning point because the company is in a position to beat Wall Street estimates, executives were “candid” about the company’s challenges in the third-quarter earnings call, and has a strong relationship with Chinese tech giant Tencent Holdings Ltd. Cakmak also wrote that the company will likely grow its advertiser base and develop additional ad inventory. The analyst wrote that Snap has about 175 million daily active users, or about 50 million more than what he estimates for Twitter Inc. . Snap stock has dropped 25% since its March initial public offering, as the S&P 500 index has gained 8.7%.
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