Odeon: Skeptical hedge funds looking to short Snap

Mar. 29, 2017 10:02 AM ETSnap Inc. (SNAP)SNAPBy: Jason Aycock, SA News Editor7 Comments
  • 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.

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