The reports of Snapchat’s death have surely been greatly exaggerated.As analyst after analyst has lowered its share price expectations since its successful IPO in March, the (very vocal) word on Wall Street is that the company has been overhyped and overpriced.In July, Morgan Stanley reduced its price target from $28 to $16, below its $17 IPO price. This was particularly insulting as Morgan Stanley was the company that underwrote Snapchat’s IPO.A month ago its market slide reached a nadir when the share price slipped below $12 for the first time and for those who have never really understood Snapchat, their metaphorical wagons were happily circling the beleaguered company.Since then, however, things have improved. The share price has risen 25% to more than $15 and a steady trail of good data and sentiment is slowly changing opinion. A kind-of price level has been reached and one that may be the springboard for further growth.
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