While still not bullish on Snap (SNAP), the research by BTIG continues to support growing engagement. The messaging platform definitely has an engaged group of users. Unfortunately, Facebook (FB) via Instagram has already killed just about any growth in new users needed to drive the stock higher. BTIG suggests that minutes spent on the platform has grown from 27.5 in Q4 to 32.8 in Q2. Nearly 20% growth in the 1H of the year is a positive sign. https://twitter.com/RichBTIG/status/902934984499089408!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=/^http:/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+"://platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); At $14, Snap is approaching a valuation of $20 billion. The company needs more than growing engagement to justify anywhere near this price with large losses. The stock likely heads to new lows, but this is one sign of hope for shareholders. Disclosure: No position