Snap Inc's (SNAP) - Get Report Snapchat has a lot of ground to cover if it wants to compete for advertisers with Facebook's (FB) - Get Report Instagram, Aegis Capital's Victor Anthony said, according to Barron's.

Anthony cut his price target for Snap to $19 and kept a "hold" rating on the stock, citing the "material risk" of Instagram's reliable ad platform in contrast with the wait-and-see attitude advertisers have taken toward Snap.

"Advertisers believe that Facebook is piece by piece removing any differences between Snapchat and Instagram and today they feel more comfortable advertising on Instagram," Anthony said.

Snap has been slow to provide performance-based campaigns advertisers want, which Facebook and Twitter (TWTR) - Get Report have already implemented.

The heavily millennial audience on Snapchat is desirable for advertisers, but they're not looking at video as much as those advertisers would like.

Snap shares were slightly down during midday trading.

What's Hot On TheStreet

Alibaba's Jack Ma woos Detroit: TheStreet has spent the past two days in Detroit covering Alibaba's (BABA) - Get Report big hiring event in Detroit. We have had the opportunity to talk with Alibaba and take in how the Chinese tech company plans to grow jobs in America. But the real showstoppers have been the presentations with Alibaba's executive chairman Jack Ma, who as always hasn't been short on bold proclamations.

Said Ma in a keynote address Tuesday evening, "If you don't sell products in China, you will miss the future." Ma and other Alibaba executives have also sought to downplay the comparison to Amazon (AMZN) - Get Report . After spending a few days in Alibaba land, you understand where they are coming from. But, you are also reminded of how dominant Amazon is in the United States in so many categories (one soon to be organic food via Whole Foods (WFM) ).

Tesla mania continues: Tesla's (TSLA) - Get Report market cap is $60 billion and growing. At this point, Wall Street's obsession with all things Tesla has gotten out of control. Thestreet's Annie Palmer drills down into news Tesla could be opening a car-making plant in China. The last thing President Trump needs is a fight with Elon Musk on this one, Palmer reports.

Uber's embattled founder resigns: Uber Technologies Inc. founder and CEO Travis Kalanick has resigned from the ride-sharing company, TheStreet reports. The move comes just days after he was asked to take a leave of absence in the wake of a report into allegations of discrimination and bullying at the world's startup.

"I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight," Kalanick said in a statement given to the New York Times, which originally reported his departure.

Here is what Uber co-founder Garret Camp had to say this week about Uber's culture.

Check out TheStreet's new series: TheStreet has officially launched a new video series called Alpha Rising, where we will showcase all of the amazing women in business. TheStreet's Tracy Byrnes sits down with some of the top women kicking butt in business such as Birchbox' CEO Katia Beauchamp, who revolutionized the beauty business.

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