Snap stock is sinking thanks to a new analyst report from Morgan Stanley, which claims, among other things, that Snap is not innovating as quickly as expected. Morgan Stanley downgraded Snap to “equal-weight,” essentially a “hold rating,” putting the stock’s target price at $16, down from $28. That’s a tough blow considering Morgan Stanley was Snap’s lead underwriter for its recent IPO. (Recode)
The share price was down more than 6.5 percent in mid-day trading Tuesday to about $15.90 a share. It closed Monday at $16.99, the first time it ended below the $17 IPO price. (Deadline)
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