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Snap shares fall further below $17 IPO price after underwriter Morgan Stanley downgrades the stock

Turns out Morgan Stanley believes maybe $17 is not a great price for shares of Snap.

The research arm of the firm downgraded Snap Tuesday, a day after the shares fell below their IPO price that the underwriter helped set during the social media company's debut back in March.

Shares of the Snapchat parent fell almost 4 percent to $16.35 in premarket trading after the call. Analyst Brian Nowak downgraded the stock to equalweight from overweight and slashed his price target to $16 from $28.

"SNAP's ad product...