Snap Inc. stock soared another 11% to top $27 Friday after rocketing higher in its market debut the day before, but a wave of analyst initiations Friday show Wall Street doesn’t think Snap is worth the price.

In the past day since Snap’s SNAP, +1.59% market debut, there have been at least six coverage initiations from brokerages on Wall Street. Morningstar initiated coverage with a $15 fair value on the stock, Pivotal Research initiated with a selling rating and $10 target, Instinet initiated with a reduce rating and a $16 rating, Atlantic Equities initiated with a hold rating and $14 target, Aegis Capital initiated with a $22 target and SIG Susquehanna initiated with a neutral rating and $22 target.

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Altogether, those ratings and targets average out to the equivalent of a sell rating and a price target of $16.50, 50 cents less than Snap’s $17 IPO listing price. Snap shares opened at $24 a share in late-morning trade Thursday after the largest U.S. IPO since Alibaba Group Holding Ltd.’s BABA, +0.06% in 2014. They closed up 10.6% to $27.09 on Friday, after soaring as much as 19% earlier in the session.

Much of the bearish sentiment stems from the belief on Wall Street that Snapchat is currently overvalued. Pivotal’s Brian Wieser said Snap is “significantly overvalued,” despite being a “promising early stage company with significant opportunity ahead of itself.” Even his $10 target, which implies a $16 billion valuation, seems “stretched” at the moment, he said.

Wieser pointed to a number of “significant risks” that could potentially offset some of Snap’s growth opportunities, including competition “from much larger companies,” decelerating user growth and the company’s unusual stock structure that leaves the vast majority of voting power in the founders’ hands. While Snapchat added 50 million daily active users in 2016, the growth sharply slowed in the third and fourth quarters of the year, around the time that Facebook Inc.’s FB, -3.26% Instagram launched a feature called Stories that is similar to popular Snapchat offering of the same name.

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Instinet’s Anthony DiClemente cited similar reasons for his bearish rating, pointing specifically to competition from Facebook, Instagram and WhatsApp, all Facebook properties. Snapchat turned down a $3 billion acquisition offer by Facebook in 2013.

“We believe much of the slowdown is being driven by increased competition, i.e., the launch of Instagram Stories in August 2016,” said DiClemente. “A slower user growth trajectory in the present naturally limits upside in Snap’s revenue generation in future years.”

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Sig Susquehanna’s Shyam Patil said the euphoria surrounding the IPO may cause a “short-term disconnect between fundamentals and valuation.” Snapchat reported a loss of $514.6 million in 2016, wider than the $372.9 million loss it reported in 2015, as its $404.5 million in revenue was offset by much higher costs.

“We wouldn’t be surprised to see euphoria take the stock into the high $20s to low $30s,” said Patil. “But longer-term, we struggle to see Snap as an investment with meaningful upside potential from current levels.”