To no surprise, the Snap (SNAP) IPO underwriters came out with insane Buy ratings on the stock. Snap traded below $23 before the open today and all of the price targets are between $27 and $31. The key is the metrics used to generate these targets and the tepid targets above the current price and the high. https://twitter.com/zerohedge/status/846326379595649024!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");The telling story is that the stock hit $29.44 suggesting that 3 out of the 5 firms thought the stock already peaked. Even worse, the Bull/Bear case of Goldman Sachs shows the insanity of the price targets. Goldman suggests the base case is that the stock hits $28 by trading at 19x 2018 revenues of $1.9 billion. If Snap misses targets by $100 million, the firm has a target price of $12 for 8x 2018 revenues of $1.8 billion. The Bull case of $40 is too absurd to even discuss. https://twitter.com/zerohedge/status/846337891257192448!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs");Even the Bear case of 8x forward revenues appears too bullish. Avoid. Disclosure: No position