It only took about two months for JPMorgan to come around to the idea that owning stock in a public company that exists only to be trolled with and used as unpaid R&D for a bigger and genuinely profitable public company is not a great idea.
JPMorgan cut its 2017 share price target for Snap from $20 to $18 on Monday, sending shares lower by more than 2 percent.
In a note to investors, JPMorgan maintained its neutral rating for the parent of social media site Snapchat.
While "engagement is strong" on the site, JPMorgan said it has several concerns, including the company's ability to scale its advertising business. It also said it's less bullish on Snapchat's ability to add users, fears competition from Facebook and is concerned about Snapchat's lack of profit. JPMorgan said it doesn't expect Snap to post a profit until 2020.
Slapping a "neutral" rating on SNAP is definitely a cautious move so early in the game, but it's not the kind of move that gets Jamie to give you one of those Jaguars from the lobby...