Snapchat sinks as Facebook launches a clone

Snap’s stock price is d0wn 3.7% at $US22.95 per share on Tuesday after Facebook announced it is
is releasing Stories in its main mobile app.

Much like Snapchat, Facebook Stories will allow users to post photos and videos that will disappear after 24 hours.

Tuesday’s slide comes after Snap gained about 4.8% on Monday after receiving a slew of bullish ratings from across Wall Street. Here’s a rundown of all of the initiations:

  • Goldman Sachs: Buy, $US27 price target
  • Morgan Stanley: Overweight, $US28 price target
  • Citi: Buy, $US27 price target
  • RBC: Outperform, $US31 price target
  • Jefferies: Buy, $US30 price target
  • Oppenheimer: Market perform
  • Credit Suisse: Outperform, $US30 price target
  • UBS: Neutral, $US24 price target
  • Stifel: Hold, $US24 price target
  • Cowen: Outperform, $US26 price target

Snapchat priced its IPO at $US17 per share, and its first trade on March 2 printed at $US24. The stock hit a high of $US29.44 on March 3 before falling to a low of $US18.90 on March 17.

Get the latest Snap stock price here.

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