The following is an excerpt from Paul R. La Monica | May 2, 2018 | CNN.com |
Snapchat is in trouble. The stock plunged to a new all-time low, below $11 a share, after a dismal earnings report that showed stagnant user growth for the social networking app.
Analysts are rushing to cut their ratings on Snapchat parent Snap (SNAP) to a dreaded "sell" and are slashing their price targets. One even thinks the stock could fall as low as $7, and five more analysts now have single-digit price targets as well.
With that in mind, it may be time for Evan Spiegel, the billionaire CEO of Snapchat, to pull a page from Facebook CEO Mark Zuckerberg. He should hire a second-in-command that Wall Street respects.
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