Snapchat shares downgraded for a second time during rough week for recent IPO

1) Analysts at Cowen lowered their rating to market perform from outperform and cut their price target to $17 a share from $21.

2) Earlier this week, Snapchat's parent company was downgraded by Morgan Stanley, which helped take the company public earlier this year as an underwriter.

3) The stock has plunged nearly 8.7 percent this week to break below its initial public offering price of $17 a share.

Submitted July 14, 2017 at 06:36AM by dennisrieves

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