Odeon: Skeptical hedge funds looking to short Snap

• Odeon's Jahanara Nissar says the firm's conversations show advertisers are bullish on Snap (SNAP -0.6%), particularly as a third alternative to Google and Facebook, but hedge funds consistently told Odeon it's hard to own Snap because of a range of outcomes.
• They see $10-$12 as fair value -- about half current pricing -- with a worried eye toward declining daily active users, and they'll be looking to short the stock on any pop. (h/t Notable Calls)
• Meanwhile, Barclays has launched coverage of Snap at Equal Weight. It's set a price target of $24, about 8.7% upside from current pricing.