Snap – the owner of ephemeral messaging app Snapchat – is "total junk", worth a small fraction of its current valuation, and should be avoided by investors when it goes public later this year, one analyst has warned.
"We are at the tail end of the social media boom. Novelty is giving way to fatigue," Trip Chowdhry, managing director of equity research at Global Equities Research, wrote in a note on Sunday.
"Fundamental investors should avoid the IPO. Snapchat is a total junk, hyper-inflated."