Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">Snap initiation details — Underperform at Needham; Est'ing value at $19-23 per share (27.09)Needham initiates SNAP with a Underperform. Prospect Theory would label SNAP a «lottery-like» stock. Sometimes lottery tickets do pay off, but a close scrutiny of SNAP's fundamentals uncovers the following risks: 1) SNAP's total addressable market (TAM) in is 80% smaller than FB's; 2) SNAP already has 50% penetration of its TAM in the US; 2) SNAP has no ability to prevent «fast followers» from stealing its best ideas; 3) Firm's $3.3B rev est in 2019 requires SNAP to have a 14-16% share of Adjusted Mobile or Adjusted Digital Ad spending by 2019, up from 2% in 2016; 4) Even if SNAP grows rev 8-fold to $3.3B by 2019, its share price would decline based on <strong>FB</strong> & <strong>GOOG</strong> EV/ Sales ratios; 5) no clear path to profitability before 2020; and 6) the academic literature suggests poor first-year performance. <strong>Firm believes SNAP's value is $19-23/share, down 15-32%.</strong></td> </tr></table>"