Snap: shares fall after broker downgrade.
(CercleFinance.com) - Snap shares are down over 6% on Tuesday after Morgan Stanley downgraded the owner of the popular Snapchat app, citing, amongst other things, increased competition from Instagram.
Morgan Stanley analyst Brian Nowak, who has downgraded his rating on the stock from "overweight" to "equal weight," said in a note issued this morning that the group's ad products are taking longer to improve and evolve than he previously expected.
"On competition, we believe Instagram has become more aggressive," Nowak added, also slashing his price target from 28 dollars to 16 dollars.
Snap shares were down 5.8%, at 16 dollars, in mid-morning trading on the NYSE, their lowest level since the stock's IPO.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Morgan Stanley analyst Brian Nowak, who has downgraded his rating on the stock from "overweight" to "equal weight," said in a note issued this morning that the group's ad products are taking longer to improve and evolve than he previously expected.
"On competition, we believe Instagram has become more aggressive," Nowak added, also slashing his price target from 28 dollars to 16 dollars.
Snap shares were down 5.8%, at 16 dollars, in mid-morning trading on the NYSE, their lowest level since the stock's IPO.
Copyright (c) 2017 CercleFinance.com. All rights reserved.