Wall Street Is Suddenly Bullish On Snap
BySnap! The maker of Snapchat is enjoying a sudden rush of love from sell-side analysts.
Banks including Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. on Monday issued a raft of ‘buy’ or ‘neutral’ ratings on newly-listed Snap Inc. stock. The recommendations follow the expiration of a waiting period that prevented underwriters on the company’s $3.1 billion initial public offering earlier this month from publishing research immediately after the listing.
Snap stock has since dipped to $23 a share — below its $24 first-day opening price and an initial ‘pop’ to $27 a share — after analysts at firms including Cantor Fitzgerald LP and Pivotal Research Group LLC published downbeat commentary and ‘sell’ recommendations…
Wall Street Is Suddenly Bullish On Snap
