It's time to move to the sidelines on Snap following a second-quarter miss , according to Citizens. Citizens analyst Andrew Boone downgraded the social media stock to market perform from market outperform. The analyst also removed his prior price target of $12 per share. The stock plunged 18% in Wednesday's premarket after its second-quarter revenue missed expectations. The company's top line came in at $1.34 billion, while analysts polled by LSEG expected sales of $1.35 billion. The company's global average revenue per user came out to $2.87, missing expectations of $2.90. SNAP YTD mountain SNAP YTD chart One headwind the company faces is increasing competition for user time and attention, Boone said. "While global time spent watching content and the number of content viewers increased Y/

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