Snap Inc (NYSE:SNAP) shares are diving nearly 17% in after-hours trading Thursday, after the social media giant released its second-quarter earnings report that failed to live up to Wall Street’s high expectations. Specifically, Snap reported 2Q sales of $181.7 million, compared to consensus estimates of $186.5 million. In addition, Snap added 7 million daily users during the second quarter, a slower rate than the 8 million added in the first quarter.

In reaction, Pivotal Research analyst Brian Wieser reiterates a Sell rating on Snap shares, with a price target of $9.00, which reflects a potential downside of 35% from today’s closing price. (To watch Wieser’s track record, click here)

Wieser commented, “Snap reported decent 2Q17 results, with relatively in-line revenues vs. our forecast. Costs were higher than we expected, but then so too was usage, coinciding with the company’s Map product launch. Commentary around like-for-like advertiser spending increases, new ad product launches and geographic expansion can also be viewed favorably. However, our overall financial model remains relatively unchanged post these results. Our price target remains at $9 per share on a YE2017 basis, which continues to lead us to rate the stock Sell.”

Out of the 20 analysts polled in the past 3 months, 6 are bullish on Snap stock, 10 remain sidelined, while 4 are bearish. With a return potential of nearly 42%, the stock’s consensus target price stands at $19.50.