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Giving up the ghost - investors bail on Snap


By Anya George Tharakan and Lewis Krauskopf(Reuters) - Here one minute, gone the next.While that is the premise of Snap Inc's popular messaging platform, investors also saw any gains from its red-hot IPO disappear when shares plunged far below their initial sale price on Tuesday. Morgan Stanley, a lead underwriter on the company's initial public offering, slapped a price target of $16 on the stock - a buck below its March IPO price. Analyst Brian Nowak wrote in the note that "we have been wrong about Snap's ability to innovate and improve its ad product this year."Snap shares got slammed, ...

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First Published: Wed, July 12 2017. 02:17 IST