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It’s only been 4 months since the IPO and the lead underwriter Morgan Stanley (MS) has downgraded the stock! (I’d love to see the parallel books MS is running in the Cayman Islands – short a ton of $SNAP I’m sure)
I have never before seen an investment bank lead an underwriting and walk so quickly on it’s client. Never. Lawsuits coming for sure against MS and Snap INC. (Misrepresentation, Fraud etc…)
Our commentary to date here and here has been spot on and we continue to believe Snap shares will drift lower and lower and close the year at around the $8 level. (July 13 close: $15.24)
Remain short.
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