Goldman Sachs analyst Eric Sheridan downgraded Snap to Neutral from Buy with a price target of $12, down from $25. The stock in premarket trading is down 29% to $11.69. The company’s Q2 earnings report was “broadly negative” with a mixture of a revenue miss, disclosure of Q3 quarter-to-date revenue flat year-over-year despite easier compares, and a “host of factors cited,” including the macro environment, competition for ad budgets and a need to re-position Snap’s business for future platform changes, Sheridan tells investors in a research note. The analyst expects Snap shares to be range bound over the medium term as “investors digest a new normal of depressed revenue growth, optimized hiring cadence and low/no visibility into improved operating performance.”