BTIG Downgrades Snap Inc (SNAP) to Sell
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BTIG analyst Richard Greenfield downgraded Snap Inc (NYSE: SNAP) from Neutral to Sell with a price target of $5.00.
The analyst comments "We incorrectly stuck to our Neutral rating in October 2017 due to our view that communications apps were sticky and would protect Snapchat engagement, with management simply needing more time to figure out monetization. Since then, the stock has lost over half its value. However, we do not believe the pain is over; we see the stock being cut in half again over the coming year. In turn, we are lowering our rating to SELL (from Neutral) with a one-year price target of $5. Our $5 price target is based on a 4.5x multiple of our new 2019 revenue estimate."
Shares of Snap Inc closed at $9.70 yesterday.
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