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Snap I.P.O. Value Difficult to Pin Down

To value Snapchat requires the whimsical sort of filters that the disappearing-photo app company has made famous. All the various tallies, even at a specified share price, call on investors to cover their eyes with heart-shaped, rose-tinted lenses.

There has been plenty of hype around parent Snap's initial public offering, and new issues have been relatively scarce. During the company's brief road show over the past week or so, news reports have suggested excitement is building. That could

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