Snap may have difficulty rivaling Facebook in the social media and digital advertising markets.
We are initiating coverage of Snap with a no-moat rating and a fair value estimate of $15 per share, or a $21 billion market capitalization based on our estimated share count. Founded in 2011, Snap is the maker of one of the most popular social networking apps, Snapchat, which has captured 158 million users to date, most of whom are between the ages of 18 and 24. We believe that Snap and its users benefit from a network effect among its customer base and is starting to attract the attention (and...Snap is a camera company. The company's primary product, Snapchat, is a camera application that helps people to communicate visually through short videos and images called Snaps. The company's products are: Camera, which includes tools for people to personalize their Snaps; Chat, which includes interacting with friends on Snapchat; Discover, which includes providing Stories and Shows from publishers, creators, and the community; Snap Map, which shows a live map of the user's location; Memories, which enables users to save the Snaps they create in a personal collection called Memories; and Spectacles, which includes creating Memories by using Spectacles, which are the company's sunglasses that make Snaps.
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