Snap price target lowered to $15 from $19 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Snap to $15 from $19 and keeps a Buy rating on the shares. Given the 90% rally in the stock since the Q3 earnings report, and buy-side estimates well above the Street, Snap reported a disappointing Q4 print, with Q1 revenue and EBITDA guidance that missed expectations, the analyst tells investors in a research note. The firm says that while the turnaround story is now slower, the guidance for advertising revenue growth re-acceleration is a relative positive. It appears that Snap’s advertising turnaround is taking longer than we had anticipated, contends Deutsche Bank.