Snap was hit with a barrage of analysts after the social media company posted disappointing quarterly results. The company reported a larger-than-expected loss for the second quarter along with revenue that was slightly below analyst expectations. On top of that, Snap did not release earnings guidance for the third quarter and said it plans to reduce hiring amid weak revenue growth. Shares fell nearly 30% in pre-market trading as a result. Shares have had a bad year, down more than 65% through the end of Thursday. Among analysts downgrading the stock was Evercore ISI’s Mark Mahaney, who said there are limited catalysts for Snap in the near-term. The analyst also cut his price target on Snap to $14 per share, although the stock trades below $12 in the currency markets. KeyBanc’s Justin Patterson also downgraded his Snap rating to weight in the field due to being overweight, citing increased competition, among other reasons. Check out what Mahaney, Patterson and other analysts had to say about Snap after its dismal quarterly report: Oppenheimer underperforms, removes $22 price target “In our opinion, SNAP is currently facing with too much difficulty for investors to underwrite stocks in the intermediaries—the term — TikTok, SKAdnetwork 4.0, and the rise of the Retail Media Network — before we factor in consumer spending slower usage in Q4 and 1:23,” Jason Helfstein wrote Thursday. KeyBanc shifts to industry weight from KeyBanc’s downgraded KeyBanc stock being overweight for a number of reasons, including increased competition. growth and the fact that the improvements will take some time to materialize. Justin Patterson wrote in a note Thursday: “With a record of ~20% revenue growth and continuous loss of GAAP, we must struggling to see SNAP’s 2023E/2024E EV/S multiples expand over 3.6x/3.0x,” Justin Patterson wrote in a note today. Thursday. Atlantic Equities cuts Snap to neutral, lowering price target to $13 “Q2 results expected to be weak due to challenging macro backdrop, but Q2 revenue growth 13% y/y and QoQ growth was even weaker than anticipated,” analyst James Cordwell wrote in a Friday note that Snap was neutral from overweight. He also lowered his price target to $13 from $18. “Further, management’s comment suggests that competition could be a larger factor appreciated and that more work may be needed to improve Snap’s direct response services.” Goldman Sachs turns neutral, cuts price target to $12 Goldman Sachs downgrades Snap to neutral from overweight and cuts price target to $12 from $25, citing upbeat industry test than the income statement, indicating potential problems with the company. “Going forward, we expect Snap as a range-bound stock in the short/medium term as investors identify new normal revenue growth, optimized hiring pace ( while still investing in platform development) and low visibility/no operational performance improvement (which is reflected in our new combination of revenue estimates at a lower ~20- 30% in 2023/2024 from previous levels),” Eric Sheridan said in a Friday note. Evercore ISI ranks stock in line, lowering price target to $14 Evercore ISI downgrade of Snap thinks management’s failure to issue official guidance for the third quarter is a big negative. “We’re dropping estimates significantly (25%+) and are downgrading SNAP to an In-Line Rated – while we’re still building on Snap’s long-term fundamentals (especially at a faster rate). its very good DAU growth), product innovation and future monetization GCI (Growth Curve Initiative), we see limited catalysts for the stock in 6-12 next month,” wrote Mark Mahaney. Stifel downgrades to hold, cuts price target to $14 Stifel downgrades Snap price target to $14 from $20 and downgrades stock to hold after weak earnings report and lack of direction instructions from the company. “This, combined with commentary suggesting the short-term trajectory is uncertain, has us moving to the margins,” said Mark Kelley. “We are optimistic about SNAP’s long-term potential due to the platform’s healthy user trends and innovative product roadmap (possibly short-term impact with slower hiring and focus on ‘productivity'” ), but we believe Snap does well when the macroeconomic landscape is firmer and when ad budgets are growing at a rate that allows for more experimentation with relatively new formats – it’s not environment we’re currently in.” Deutsche Bank slashed price target, cut rating to keep Deutsche Bank cut Snap price target to $14 from $25, and downgraded stock to hold, with reason for slowing demand and contracted advertising budgets. “The company highlights increased competition for ad dollars, and we think SNAP may have been replaced by TikTok as the test platform of choice (which became the 3rd platform after META and GOOGL) and currently less likely to capture market share than analysts Benjamin Black wrote in a Friday note Truist cuts ratings to hold, price target to $12 Truist cites difficulties macro, worse platform changes, and additional competition for its downgrade.”SNAP could lose market share to TikTok and other short-form video platforms, which have grown physically. quality in a short period of time and potentially warranting higher ad spend to drive increased consumer engagement,” Youssef Squali wrote on Thursday. JPMorgan downgraded Snap to underweight due to overweight. weight, cuts price target to $9.133% indicates more deterioration than expected, 2) 3QTD is trending Y/Y (maybe n) meaning Q/Q decreased), & 3) by not providing guidance for 3Q, Snap thinks forward visibility remains very challenging,” wrote analyst Doug Anmuth. “Also, while Snap won’t specifically call it TikTok, we believe TikTok’s strong engagement and rapid monetization growth (eMarketer estimates ~$12 billion in revenue) 2022) is having a major impact on Snap’s business,” he added. — Michael Bloom of CNBC contributed to this report.