I'm no expert on snapchat, but one thing I can say from personal experience being at an IPOing unicorn -- until about a year into our IPO, we were a "no buy", and all of these giant companies were ostensibly going to crush us with products that didn't even compete with us. Then, one year and a couple of earnings calls in, we're suddenly a "buy" and people consider us stable and successful. What did I learn from this? Never trust the stock market, and doubly so do not trust the stock market with a new stock.