Exactly a week ago we had a very simple message for investors following Drexel Hamilton’s decision to give SNAP its second buy rating:
Drexel’s rationale was nothing short of ridiculous. To wit:
Snap is a “platform for the imagination”; fun place to spend time, which can be monetized
As it turns out, a lot of Street folk (including SNAP’s underwriters) agree. Which is why you got this on Monday:
- Snap (SNAP) rated new buy at Goldman, PT $27
- Snap (SNAP) rated new buy at Jefferies, PT $30
- Snap (SNAP) rated new hold at Stifel, PT $24
- Snap (SNAP) rated new market outperform at JMP, PT $28
- Snap (SNAP) rated new neutral at BofAML, PT $25
- Snap (SNAP) rated new neutral at JPMorgan, PT $24
- Snap (SNAP) rated new neutral at UBS, PT $24
- Snap (SNAP) rated new outperform at Cowen, PT $26
- Snap (SNAP) rated new outperform at Credit Suisse, PT $30
- Snap (SNAP) rated new outperform at RBC, PT $31
- Snap (SNAP) rated new outperform at William Blair
- Snap (SNAP) rated new overweight at Morgan Stanley, PT $28
However, the thing about “fun places to spend time, which can be monetized,” is that Mark Zuckerberg has a goddamn monopoly on them.
And as anyone who bought SNAP on Monday learned the hard way on Tuesday morning, old Mark isn’t going to be giving up on that monopoly anytime in the foreseeable future:
This is what absurdity looks like:
But at the end of the day do remember this: “all you have in this world is your balls and your SNAP shares, and you don’t sell ’em for no one.” Not even Mark Zuckerberg.
https://twitter.com/jdollas21/status/838779135178784768
