Snap Inc. (SNAP) shares rose more than 2% during Friday's session, reaching new 52-week highs. Since bottoming out late last year, the stock has tripled from less than $5 to more than $15 per share.

Goldman Sachs upgraded Snap stock from Neutral to Buy with a price target of $18 per share. Analyst Heath Terry believes that the new Android app, the launch of Snap Games, and new viral lenses could accelerate user growth. May downloads reached a record 41 million, which is a "stark reversal" from the multi-year lows in app downloads through 2018 and early 2019.

The upgrade comes just a day after Bank of America Merrill Lynch raised its price target from $12 to $17 per share but kept a neutral rating on the stock. Analyst Justin Post notes the popularity of the gender-face-swap filter and the SnapKit app "Yolo," which reached number one on the iOS download charts. However, channel checks remained mixed, adding some uncertainty.

Chart showing the share price performance of Snap Inc. (SNAP)

From a technical standpoint, the stock broke out from its bullish trendline to fresh 52-week highs. The relative strength index (RSI) moved into overbought territory with a reading of 70.64, but the moving average convergence divergence (MACD) could see a near-term bullish crossover. These indicators suggest that the stock could see some consolidation before resuming its move higher over the coming sessions.

Traders should watch for some consolidation above trendline support at around $15.50 over the coming sessions. If the stock breaks down back into its price channel, traders could see a move to test reaction support at $14.00 or lower trendline support near the 50-day (daily) moving average at $13.03. If the stock rebounds higher, traders could see a breakout to fresh 52-week highs over the coming sessions.

The author holds no position in the stock(s) mentioned except through passively managed index funds.