Snap price target lowered to $16 from $17 at JMP Securities

JMP Securities lowered the firm’s price target on Snap (SNAP) to $16 from $17 and keeps an Outperform rating on the shares. Snap’s Q3 results were in line, with revenue slightly above consensus and EBITDA $32M above consensus, while the high end of Q4 revenue guidance was in line with expectations, the analyst tells investors in a research note. Snapchat is clearly moving cautiously with the rollout of Simple Snapchat to minimize any disruption of monetization, and the firm is increasing the possibility that the Simple Snapchat rollout is consistently delayed and that it will be less effective at driving engagement than previously believed it could be.