New York (CNN Business)Snapchat alienated many of its fans — including some celebrities — when it launched a controversial redesign of the app earlier this year. It reported a drop in daily users in August. And now it seems Wall Street is giving up on Snapchat as well.
Shares of Snap Inc. (SNAP) fell more than 6.5% Thursday to an all-time low after two analysts — Mark May of Citigroup and Anthony DiClemente of Evercore ISI — cut their target on Snapchat to $7 a share.
It’s now trading below $8, and has plunged more than 45% this year.
