Atlantic Equities Downgrades Snap Inc (SNAP) to Underweight
Atlantic Equities downgraded Snap Inc (NYSE: SNAP) from Neutral to Underweight with a price target of $14.00.
The analyst comments "We are downgrading Snap to Underweight from Neutral, retaining our $14 YE17 PT. At current levels the stock is trading at a premium to Facebook after normalising for engagement levels. This seems unsustainable given Snap's unproven monetisation potential, structurally lower profitability and likely challenges in materially reaccelerating user growth. Our Snap price target instead implies a 50% discount to its larger peer on an EV-to-time spent basis."
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Shares of Snap Inc closed at $24.48 yesterday.