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Snap shares fall below $17 IPO price for first time

The front of the New York Stock Exchange (NYSE) with a Snap Inc. logo hung on the front of it stands shortly before the company's IPO in New York, U.S., March 2, 2017.

REUTERS/Lucas Jackson

Snap Inc (SNAP.N) shares slipped below their initial public offering price of $17 for the first time on Monday, signaling waning investor confidence in the social media company's growth potential as it faces fierce competition.

The stock fell as low as $16.95 in late afternoon trading before closing at $16.99 on the New York Stock Exchange, down 1.1 percent. The Snapchat owner's March market debut was the hottest U.S. technology listing in years.

Earlier on Monday, Credit Suisse analysts cut their price target for Snap to $25 from $30, although they...


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