Snapchat sinks as Facebook launches a clone (SNAP)

Snap's stock price is d0wn 3.7% at $22.95per share on Tuesday after Facebook announced it isis releasing Stories in its main mobile app.Much like Snapchat, Facebook Stories will allow users to post photos and videos that will disappear after24 hours. Tuesday's slide comes after Snap gained about 4.8% on Monday after receivinga slew of bullish ratings from across Wall Street. Here's a rundown of all of the initiations:Goldman Sachs: Buy, $27 price targetMorgan Stanley: Overweight, $28 price targetCiti: Buy, $27 price targetRBC: Outperform, $31 price targetJefferies: Buy, $30 price targetOppenheimer: Market performCredit Suisse: Outperform, $30 price targetUBS: Neutral, $24 price targetStifel: Hold, $24 price targetCowen: Outperform, $26 price targetSnapchat priced its IPO at $17 per share, and its first trade on March 2 printed at $24. The stock hit a high of $29.44 on March 3 before falling to a low of $18.90 on March 17.SEE ALSO:Join the conversation about this storyNOW WATCH: 7 mega-billionaires who made a fortune last year
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