Snap downgraded to Neutral from Buy at UBS

UBS analyst Lloyd Walmsley downgraded Snap to Neutral from Buy with an unchanged price target of $10. The firm sees a balanced risk/reward, and while UBS sees potential revenue reacceleration on solid user growth and traction on ad tech driving eventual spend, there is increasing competition everywhere, the analyst tells investors in a research note. UBS sees risk to revenue acceleration given the magnitude of competition and Snap’s relatively subscale nature.