Snap: shares weak after broker downgrade
(CercleFinance.com) - Snap shares are down 4.
5% at 13.8 dollars on Monday as Jefferies analysts downgraded the stock from "buy" to "hold," after the stock achieved their 15 dollar price target.
While remaining optimistic on Snap's platform, the broker says fundamental execution needs to be seen before it can become more positive on the share.
In particular, Jefferies warns that some negatives behind the redesign of the app could lead to turbulence in usage and adoption.
"We continue to believe that Snap's lack of guidance to investors will continue to insert volatility given the breadth of expectations across the Street," Jefferies adds.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5% at 13.8 dollars on Monday as Jefferies analysts downgraded the stock from "buy" to "hold," after the stock achieved their 15 dollar price target.
While remaining optimistic on Snap's platform, the broker says fundamental execution needs to be seen before it can become more positive on the share.
In particular, Jefferies warns that some negatives behind the redesign of the app could lead to turbulence in usage and adoption.
"We continue to believe that Snap's lack of guidance to investors will continue to insert volatility given the breadth of expectations across the Street," Jefferies adds.
Copyright (c) 2018 CercleFinance.com. All rights reserved.