03-03-2017, 06:22 AM
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It's 42
Industry Role:
Join Date: Jun 2010
Location: Global
Posts: 18,083
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Beware the Ides of March
Quote:
Pivotal Research’s Brian Wieser commemorates this morning’s opening for trading of Snap (SNAP), makers of the Snapchat messaging app that consider themselves a camera company, with a Sell rating, and a $10 target, writing that it is “significantly overvalued given the likely scale of its long-term opportunity and the risks associated with executing against that opportunity.”
The stock is at $24.43, up 44%, after opening at $24, well above last night’s offer price of $17, which was already above the expected range of $14 to $16.
Wieser has a laundry list of concerns, including inexperienced management, deep-pocketed competitors, high cash costs, and slowing growth:
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Snap: Sell, Says Pivotal, $10 Target, Based on 2023's $6.7B Rev - Tech Trader Daily - Barrons.com |
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