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Another Snap Underwriter Slashes Rating on Fears Company Won't Make Enough Money

Snap Inc (SNAP) stock fell about 1% in premarket trading after Cowen analyst John Blackledge cut the company's rating to "market perform" from "outperform."

Blackledge said ad revenue through 2022 will suffer as Snap faces competition within digital advertising. He added that monetization efforts are "taking longer to play out."

Blackledge cut his price target to Snap's IPO price of $17, down from $21. Snap's stock price has crumbled over 35% since the company's IPO, closing at $15.69 Thursday.

Cowen follows in the footsteps of fellow underwriter Morgan Stanley, which last week cut its rating for the Venice, Calif.-based camera company to "equal weight" from "overweight" with a price target of $16.

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