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Analyst cuts Snapchat parent as CFO resigns

RBC Capital Markets analyst Mark Mahaney cut Snap Inc.'s rating to "sector perform" from "outperform" following the resignation of the company's CFO Tim Stone, Benzinga.com reported Jan. 16.

Mahaney said Stone's departure is a "material negative" for the Snapchat parent company.

The analyst maintained a price target of $8 on the company's stock.