Snap Inc (NYSE:SNAP) shares are trading lower Thursday following a downgrade from Jefferies.

What Happened: Jefferies analyst James Heaney downgraded Snap from a Buy rating to a Hold rating and lowered the price target from $12 to $10, citing overly-optimistic Street estimates. 

Heaney believes estimates are too high given the headwinds in front of the social media company. The Jefferies analyst anticipates an uphill battle against Apple Inc's (NASDAQ:AAPL) privacy changes, increasing competition and worsening macro trends, according to several reports.

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Earlier this week, an ad buyer survey from Piper Sandler showed that Snap is taking share in the social space. However, advertiser ROI declined the most on the Snapchat platform, down 15% year-over-year. 

SNAP Price Action: Snap shares are already down more than 80% since the start of the year.

The stock was down 8.7% at $8.71 at the time of writing, according to Benzinga Pro.

Photo: www_slon_pics from Pixabay.