The parent company of Snapchat just got hit with another sell rating, and shares are tanking.

With the company’s IPO in the rear-view mirror, MoffettNathanson said it initiated coverage on Snap with a sell rating Thursday, saying the market has now priced the company for perfection.

Snap shares fell below $20 for the first time Thursday, down more than 4 percent and nearing an IPO price of $17 per share.

“As a result, we believe its current valuation ‘bubble’ at 7X 202 EV/revenue is set up more for a [Twitter] like pop over the next year than a steady rise from today’s levels,” analyst Michael Nathanson said in a note to investors, giving the company a target price of $15.

The firm cited risks such as slowing daily average user growth, limited revenue and profitability. “SNAP’s income statement is going to look a lot more like [Twitter] than [Facebook],” Nathanson said.

Snap has raised some eyebrows on Wall Street, with analysts flagging the company’s slowing user growth, widening losses and lack of voting rights for outside investors.

Needham – Underperform (Sell)
Atlantic Equities – Underweight (Sell)
Morningstar – (Sell)
Aegis – (Hold)
Susquehanna – (Hold)
Nomura Instinet – Reduce (Sell)
Pivotal Research – (Sell)
CFRA Research – (Hold)
FBN Securities – Sector Perform
Cantor – Underweight
MoffettNathanson – (Sell)

—Reuters contributed to this report.