Snap shares continue to rise after IPO but analysts remain wary

Shares in Snapchat company opened Thursday at $24 and rose to $27 by Friday, but analysts predict struggles similar to those of Twitter, Groupon and Fitbit

• Snapchat goes public at $29bn and makes co-founders tech billionaires

Shares in Snap Inc, the picture messaging app that went public yesterday with a valuation of $29bn this week, continued to soar on Friday as some analysts warned against "hot air" fuelling the dramatic rise.

Snap priced its initial public offering at $17 a share, and opened up for trading Thursday at $24. In trading since, the stock has continued to be buoyed by investor excitement, rising above $27 per share by Friday at noon.