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Twitter Inc. (NYSE: TWTR) has become the social media giant that didn’t live up to its full potential. Despite efforts to expand what would not be counted toward the 140-character posts, and despite efforts to bring more users into and back into Twitter, not everyone is a Twitter bull. In fact, Twitter has hit a post-IPO record low.

The first of the recent negative calls, though it officially has a positive rating, was from Monnes Crespi Hardt. This firm maintained a Buy rating on Twitter, but what was cut was the price target. The new target is $18, down from the previous $22.

The second call came from a firm called MoffettNathanson, which is an independent research boutique. It previously had a Neutral rating on Twitter. This boutique firm downgraded the social media and microblogging company to Sell, and the price target was cut to $12 from $15.

The MoffettNathanson call noted that Twitter is suffering from user fatigue, and it also notes that advertiser fatigue is also present. The firm worries that Twitter’s path ahead could become harder for the company as social media platforms like Facebook, Instagram, and Snapchat are all competing for the same advertising dollars. Tuesday’s report even noted that Twitter seems to be stuck between Snapchat and Instagram — and a hard place. The keynote was that hope is not a strategy.

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