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Snap: shares drop 4% after downgrade

( - Snap Inc.
shares fell on Thursday after Wedbush Securities downgraded the stock from "outperform" to "neutral" on valuation grounds.

In early morning trading, the stock was down 4% at 11.3 dollars.

Wedbush - which is maintaining its target price of 12.25 dollars for the share - said that the camera app company's current share price leaves "little room for upside."

Since the broker upgraded the shares in September, due to progress towards profitability, stabilizing user growth and improved execution, the stock has risen by roughly 19%, it said in a research report.

Snap will report its first-quarter results after the market closes on Tuesday 23 April.

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