A new report from Cowen analyst John Blackledge has some bad news for Snap. He interviewed 50 ad buyers and found that they overwhelmingly preferred Instagram to Snapchat. He also asked the buyers to rate platforms on benchmarks like ROI, and Snap was ranked last for all of them.
Because of this poor opinion from the advertising industry, Blackledge downgraded Snap’s stock from “market perform” to “underperform.” Now, Snap’s stock is falling. Currently, shares are trading at around $14.66, which is more than 4% below their opening price for the day.