Citigroup Downgrades Snap Inc to Hold

By Jason Carr

Citigroup analyst Mark May downgraded Snap Inc (NASDAQ: SNAP) to Hold today. The company’s shares closed yesterday at $18.85, close to its 52-week low of $17.59.

According to TipRanks.com, May is a 5-star analyst with an average return of 12.3% and a 67.8% success rate. May covers the Technology sector, focusing on stocks such as IAC/InterActiveCorp, Salesforce.com, and Bankrate Inc.

Currently, the analyst consensus on Snap Inc is Hold and the average price target is $21.52, representing a 14.2% upside.

In a report issued on June 5, J.P. Morgan also maintained a Hold rating on the stock with a $18 price target.

Based on Snap Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $150 million and GAAP net loss of $2.21 billion. In comparison, last year the company earned revenue of $38.8 million and had a GAAP net loss of $105 million.

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Snap, Inc. develops a text and photo based messaging application for mobile phones. Its platform enables users to share photos with friends and control how long they can view their message. The company was founded by Frank Reginald Brown IV, Evan Thomas Spiegel, and Robert C. Murphy in July 2011 and is headquartered in Venice, CA.