Snap price target lowered to $14 from $20 at Loop Capital

Loop Capital lowered the firm’s price target on Snap to $14 from $20 and keeps a Buy rating on the shares. The company reported disappointing Q2 results, with direct response advertising revenue in line with forecast but brand advertising revenue collapsing from 12% growth in Q1 to a 1% decline in Q2, the analyst tells investors in a research note. The firm is also reducing its assumed expected-sales multiple on the stock to 4-times from 5-times, Loop added.