• Safi Bello

Snap turns lower for first time amid lack of Wall Street 'buy' ratings

CNBC ----- Snap shares turned lower Monday after several analysts initiated coverage of the social media firm's stock as a "sell." Shares of the parent company behind the popular messaging app Snapchat were up nearly 2 percent in premarket trading. The stock was last down more than 4 percent intraday. Snap has had mixed reactions from the Street and has yet to receive a "buy" rating from any analyst listed in FactSet. Analysts at Needham initiated coverage of the social media firm's stock with an "underperform" rating, noting the company's total addressable market is 80 percent smaller than Facebook. "Prospect Theory would label SNAP a 'lottery-like' stock," they said in a note Monday. To learn more click on the picture below to read the article.

Snap turns lower for first time amid lack of Wall Street 'buy' ratings - Read More from CNBC

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