We were wrong about Snap, admits firm's biggest underwriter

Banking giant Morgan Stanley, which was the lead underwriter for Snap's IPO, has admitted it was wrong about the company's "ability to innovate". Following its IPO, Morgan Stanley gave the photo-sharing app maker a 12-month target price of $28, which it has now lowered to $16. Notably, Snap has lost $10 billion in valuation since its IPO in March.