Snap Stock Hammered As Analysts Slash Price Targets, Lament Excuses

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"We are tired of Snapchats excuses for missing numbers and are no longer willing to give management time to figure out monetization," Greenfield wrote in a note to clients.Snap stock hit a record high of 29.44 on its second day of trading, then began a steady decline.Jefferies analyst Brent Thill cut his price target on Snap to 11 from 14, with a hold rating.The company has been under constant assault from Facebook ( FB ), which has copied most of Snapchats best features and applied them to its Instagram Stories platform.Snap last month reported second-quarter earnings that beat on both the top and bottom lines but it posted its first-ever quarterly drop in users.

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