The banks that were in charge of Snap’s IPO love it — even after the company’s disastrous earnings report (SNAP)
|05/12/2017||Posted by BusinessMediaguide.Com under General World News||
The banks that led Snap‘s initial public offering are also among the company’s biggest cheerleaders.
The colead bookrunners Goldman Sachs and Morgan Stanley maintained their buy ratings on Snap and left their price targets unchanged, even after the company reported disappointing earnings that saw user growth slow to its lowest pace in years.
Here are the key elements of Morgan Stanley’s bull case, as laid out in a client note: