Citi Research downgraded Snap to “sell” today and offered a target price of $14 for the stock, which is currently near $20.
One of the key reasons? A massively popular user uprising against its latest app update.
An online petition against the most recent Snapchat app update has collected over 1.2 million signatures so far. It’s the first time I’ve seen an app update almost instantly get so many negative reviews that it has materially affected the financial future of its parent company.