Snap stock (NYSE:SNAP) is 5% lower today after getting its second downgrade of the young new year.

We should point out though it’s also drawn a higher price target from one analyst who sees some budget positivity.

Last week, Cowen cut Snap to Neutral and trimmed its price target slightly.

Now Jefferies has cut to Hold from Buy, noting the stock has hit their $15 price target and while they’re still optimistic about the platform, it needs more fundamental execution, while Facebook is still a clear leader.

Meanwhile, Credit Suisse has boosted its price target to $18 from $17, implying 30% upside from today’s lower price.

Quad 7 Capital previously covered Snap and its IPO and has held a sell rating on the name with a $12 down side price target.

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