Snap finds itself increasingly abandoned by Wall Street, with more than a dozen brokerages downgrading the social media company’s stock after disappointing sales figures that sent shares into a tailspin.At least 14 brokerages and investment banks including Evercore ISI, KeyBanc and Oppenheimer, downgraded their recommendations and price targets since late Thursday, when Snap reported second-quarter revenue that missed estimates and held back guidance for the third quarter.
Snap and other social-media shares including Meta Platforms and Pinterest are under pressure as advertising spending by businesses, among their biggest revenue drivers, cools amid fears of a global recession and as competition from the likes of TikTok increases.
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