July 14, 2017 / 10:17 AM / a month ago

FACTBOX-Snap IPO underwriters' coverage

 (Updates Cowen's rating and price target)
    July 14 (Reuters) - Snap Inc's shares slipped 1.3
percent to $15.48 in premarket trading on Friday, after IPO
underwriter Cowen downgraded the stock to "market perform" and
lowered its price target to $17 from $21.
    Cowen becomes the second IPO underwriter to lower its rating
this week, after Morgan Stanley downgraded the stock on concerns
about the social media company's ability to compete against rival
Instagram on Tuesday.
    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 Company             Market perform         $17
 Evercore Group*               -                      -
 Jefferies                     Buy                    $30
 JMP Securities                Market Perform         $28
 Oppenheimer & Co              Perform                $23
 RBC Capital Markets           Outperform             $31
 Stifel Financial Corp         Buy                    $22
 SunTrust Robinson Humphrey*   -                      -
 The Williams Capital Group*   -                      -
 UBS Securities                Neutral                $19
 William Blair & Co            Outperform             -
 * Does not cover the stock
 
    Currently, 16 of the 36 brokerages covering the stock have a
"hold" rating. Eleven rate it "buy" or higher and seven have a
"sell" or lower recommendation. The median price target of $19 has
fallen about 21 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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