- The stock price of Snap Inc (NYSE: SNAP) fell 10.18% today. This is why it happened.
The stock price of Snap Inc (NYSE: SNAP) fell 10.18% today. Investors are responding negatively to a bearish research report.
Cowen analyst John Blackledge had downgraded Snap to a “Market Perform” rating from an “Outperform” rating with a price target of $45. And Blackledge had reduced the price target from $75.
Blackledge pointed out the near-term concerns around Apple’s iOS 14.5 changes impacting Snap’s measurement, targeting, and attribution for direct response ad units. Plus the company faces difficult compares in the first half of 2022 and the stock’s valuation remains elevated.
Blackledge highlighted the near-term headwinds as the reason for the downgrade to Neutral.
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