Technology

Snap Loses Wall Street Fan Base as ‘Cash Bonfire’ Rages On

Snap Inc. finds itself increasingly abandoned by Wall Street, with more than a dozen brokerages downgrading the social media company’s stock in the wake of 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. Morgan Stanley on Monday went as far as slapping the stock with a double downgrade, adding fuel to a selloff that has seen shares fall nearly 80% so far this year.