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Snap Follows Through On Wednesday's Rally

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Snap Inc (NYSE: SNAP) shares are trading higher by 45 cents (3 percent) at $16.43 in Thursday's session.

The gain comes on top of Wednesday's gain of $1.64 ($14.34 to $15.98). That rally was instigated by a price target raise from Credit Suisse, which bumped its target from $17.00 to $20.00.

See Also: Snap Bulls Do Still Exist: Credit Suisse Raises Price Target Ahead Of Earnings

After a higher open, Snap had a brief retreat but found support just under Wednesday's close ($15.98) at $15.82 and resumed its move higher. So far, the ensuing rally took the stock to $16.69 and it's not far off that level. In order to fill the void in price action and reach the lower-end of its July 10 range, it would need to reach $16.95.

On July 11, Sna opened sharply lower and kept on going, when Morgan Stanley downgraded it. On that day, it fell from $16.99 to $15.47.

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