Snap Judgment

Hanging a sell rating on Snapchat may be the latest fad on Wall Street. But brokers learned the hard way about letting the bulls run too early.

Less than a week after parent company Snap Inc. listed on the New York Stock Exchange, eight brokers have already assigned ratings to the stock. Five of those are sell calls while the remaining are neutral, according to FactSet. None include the seven investment banks who sponsored the deal, as underwriters typically observe a 25-day waiting pe

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