Snap downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst Andrew Boone downgraded Snap (SNAP) to Market Perform from Outperform without a price target. The analyst reduced estimates again citing declining U.S. time spent on Snap, which he believes is a direct consequence of increased competition from Reels and YouTube Shorts. Boone now prefers shares of Meta (META) and Google (GOOG. GOOGL) over Snap, saying both have more mature short-form video products, which he expects to attract more user time over the next few years. Short-form video platforms are taking share of time from Snapchat, Boone tells investors in a research note.