The firm lowered its rating after Snap reported poor third-quarter revenue results and softer user engagement numbers.
It's hard to say where Snap will go from here after its third-quarter results, according to Bernstein. Analyst Mark Shmulik downgraded the social media stock to market perform from outperform, after Snap reported a disappointing third-quarter revenue results and softening user engagement numbers. The analyst also lowered his price target and estimates on Snap.
The social media company reported third-quarter revenue grew 6% from the prior year, which is the first time Snap reported single-digit growth since its IPO in 2017. "SNAP's untapped potential remains, yet we're unlikely to see near-term inflection. Winning back investor and our own confidence will take time," Shmulik added.
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