Don’t trust earnings forecasts

Snap is the hot new social media stock. The mobile messaging network went public (ie, listed on the stock exchange) last month. The deal involved 26 investment banks, sharing $85m in fees, says The Wall Street Journal. In the lead, on $26m, was Morgan Stanley. Then, a couple of weeks ago, when analysts started issuing their research notes on Snap, Morgan Stanley described it as a “buy”, with a target price of $28 a share (the current price is around $21). But just after publication, the analyst team spotted an error in the sums, and issued a revised [...]

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