Rosenblatt says finding partner for Snap's smart glasses unit tough

Shares of Snapchat-parent Snap SNAP.N up 0.7% at $4.63 premarket

Rosenblatt says it agrees with activist investor Irenic Capital Management's suggestion for Snap to spin off or exit costly augmented reality smart glasses unit Specs

Irenic said on Tuesday it has an economic interest of ~2.5% of co's Class A shares

SNAP lacks financial resources or network effect prowess of Apple AAPL.O and Meta META.O, brokerage says, citing the contrasting performance of Meta Ray-Bans and Apple Vision Pro

Says there is no real supply chain chatter, suggesting Specs might not become available in early 2026, and would more likely be a Christmas push if it appears this year

"It might be hard to find a JV partner given the difficult prospects in this market" - brokerage

Slashing headcount probably makes improving the ad tools that could close the gap between Snap and peers in ad monetization harder, brokerage says

As of last close, stock down ~43% this year