Snap shares fell 3 percent Thursday after a Wall Street investment firm found that ad buyers ranked the company lowest relative to other social media networks.
Cowen lowered its rating for the photo messenger’s shares to underperform from market perform, predicting a 30 percent decline in stock price over the next year.
Analyst John Blackledge cut his 2018 revenue expectations to $1.1 billion from $1.3 billion and warned clients that fourth-quarter earnings are likely to disappoint, citing a Cowen survey of social media advertisers. That survey asked 50 senior U.S. ad buyers to rank the major social networks across various characteristics.
