July 11, 2017 / 2:03 PM / 2 months ago

CORRECTED-FACTBOX-Snap IPO underwriters' coverage (July 11)

 (Corrects Stifel coverage on stock to "hold" rating and a $22 price
target)
    July 11 (Reuters) - Snap Inc's shares dropped 5.2
percent in early trading on Tuesday, after lead IPO underwriter
Morgan Stanley downgraded the stock and slashed its price target.
    The company's shares closed below their initial public offering
price of $17 for the first time on Monday, as investors become
increasingly concerned about the Snap's ability to grow amid intense
competition from the likes of Facebook Inc.
    Several of Snap's underwriters handed the stock "buy" ratings in
March, although analysts not involved in the IPO had assigned it
neutral or negative ratings.
    Following is a list of Snap's IPO underwriters and their current
coverage of the stock.   
    
 Firm                          Rating                 Price Target
 Morgan Stanley                Equal-weight           $16
 Goldman Sachs                 Buy                    $27
 J.P. Morgan Securities        Neutral                $18
 Deutsche Bank Securities      Buy                    $23
 Barclays Capital              Equal-weight           $18
 Credit Suisse                 Outperform             $25
 BTIG                          Neutral                -
 Citigroup Global Markets      Neutral                $20
 Cowen and Co                  Underperform           $21
 Evercore Group*               -                      -
 Jefferies                     Buy                    $30
 JMP Securities                Market Perform         $28
 Oppenheimer & Co              Perform                $23
 RBC Capital Markets           Outperform             $31
 Stifel Financial Corp         Hold                   $22
 SunTrust Robinson Humphrey*   -                      -
 The Williams Capital Group*   -                      -
 UBS Securities                Neutral                $19
 William Blair & Co            Outperform             -
 * Does not cover the stock
 
    Currently, 17 of the 36 brokerages covering the stock have a
"hold" rating. Twelve rate it "buy" or higher and seven have a
"sell" or lower recommendation. The median price target of $19.50
has fallen about 19 percent in the last three months.
    Note - Data compiled from latest available research notes and
Eikon data.

 (Reporting by Narottam Medhora in Bengaluru; Editing by Saumyadeb
Chakrabarty)
  

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