Snap Shares Plunge After Cowen Cuts Price Target
It's been a tough day for Snap, the parent company of Snapchat.

Drop it like it's hot.

Investors are unhappy with Snap Inc. (SNAP) after Cowen analysts maintained the company'd Underperform rating, but lowered the price target to $9 from $10.When the market closed on Tuesday, Snap was down 5.2% to $13.31.

The analysts lowered their expectations for Snap's total revenue for 2018 to $1.16 billion from $1.22 billion, and also dropped their forecasts for daily average users in the second quarter from 196 million from 194 million.

Shares had rallied on Monday morning after CEO Evan Spiegel gave a rare television interview to CNBC about his company's plans, but eventually ended the day flat. 

Year to date, shares are down about 11%.

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