JPMorgan lowered its price target on Snap Inc (NYSE: SNAP) to $20.00 (from $24.00) while maintaining a Neutral rating.

Analyst Doug Anmuth says his thesis hasn't changed citing:

1. Competitive social media landscape that could weight on DAUs over time,
2. Lacking profit until at least 2019 and,
3. "healthy premium" even after the near 30 percent selloff.

FY 2017 EPS estimate falls from a loss of $0.64 to a loss of $0.65, FY 2018 EPS estimate rises from a loss of $0.35 to a gain of $0.25 and FY 2019 EPS estimate stands at $0.13.