- Barclays upgrades Snap to overweight from equal weight and raised its price target to $18 a share.
- “We’ve been on the sidelines since the IPO, but feel now is a good time to start accumulating shares,” analyst Ross Sandler says.
- “This whole notion that Facebook is killing [it] — that seems to be a narrative we could live without in a sense that there’s room for more,” Jim Cramer says
Shares of the Snapchat’s parent company jumped more than 8 percent Tuesday, and CNBC’s Jim Cramer said it may finally be at a good level to buy.
Cramer cited a note on Snap stock by investment bank Barclays, which upgraded the stock to overweight from equal weight and raised its price target to $18 a share from $11. “We’ve been on the sidelines since the IPO, but feel now is a good time to start accumulating shares,” Barclays analyst Ross Sandler wrote.
“I thought this was a very good upgrade. … I like this piece,” Cramer said on “Squawk on the Street.” “Ross Sandler has been historically very good. I’ve known Ross Sandler for years. … Ross Sandler does quality work.”
When asked whether Snap has reached an “entry point” for investors, Cramer said, “I have felt that there is a level where you just have to accept the fact that younger people like this.”
“This whole notion that Facebook is killing [it] — that seems to be a narrative we could live without in a sense that there’s room for more,” said Cramer, the host of CNBC’s “Mad Money.”
Cramer said he also appreciated some of the changes coming to the social media company, including a redesign.
“I’ve been trying to find an entry point for it,” Cramer said. “I think that it is down for the year, so you may have some people with tax law selling. You see the stocks that are down aren’t coming back. But (the upgrade) was very clever.”
Snap shares had fallen nearly 45 percent since going public in early March.
