Cramer: Snap's Downgrade Is A Preemptive 'Obituary'

Naturally, Cramer agrees with the downgrade and but believes Snap's woes are almost entirely due to Facebook Inc FB's Instagram app. The other concerns cited by the analysts in the downgrade amount to "window dressing."

Facebook's co-founder and CEO Mark Zuckerberg continues his relentless attack against Snap, Cramer continued. He is, in fact, going after them in a way that is "unimaginable" at one of if not Snap's most vulnerable periods as advertisers struggle to justify their ad spend and the company is even giving away Sponsored Lenses for free.