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J.P. Morgan cuts Snap price target on growth concerns

J.P. Morgan lowered its price target on Snapchat parent Snap Inc. to $18 from $20, citing concerns about user growth and the company's ability to scale its ad business, MarketWatch reported June 5.

The research firm trimmed its second-half daily active user net additions estimate to 8 million from 10 million to reflect competition from Facebook Inc. It is going to "take some time" for the company's new products to gain broader adoption, J.P. Morgan analysts said in a research note, maintaining a "neutral" rating on the stock.

The analysts also noted that Snap's expiring share lockup in late July could weigh on Snap shares before and after the lockup when about 70% to 80% of Snap shares become available for sale.

The research firm expects a softer outlook for the company's Spectacles connected glasses product, expecting 429,000 Spectacles unit sales in 2017, driving about $56 million in revenue.