Snap outlook worsened again, says Piper Sandler

Piper Sandler analyst Thomas Champion keeps a Neutral rating and $9 price target on Snap after its Q4 results. The company’s revenue was in-line and its EBITDA was 13% above consensus, but the management’s internal targets for Q1 suggest a further decline in advertiser demand, with revenue falling 7% quarter-to-date, the analyst tells investors in a research note. The firm adds that Snap’s cost cuts were the right move, but also views the business "remaining challenged".