Snap price target lowered to $7 from $8 at Goldman Sachs

Goldman Sachs analyst Eric Sheridan lowered the firm’s price target on Snap to $7 from $8 and keeps a Neutral rating on the shares. The company’s Q1 earnings report was "broadly negative" on a mixture of disappointing revenue trends in North America, pressure on gross margins on the back of platform investments and limited company visibility into the forward trajectory of revenue reacceleration, the analyst tells investors in a research note. The firm expects the shares to be range bound for the short/medium term as investors digest a mix of short -term depressed revenue trajectory and low visibility into medium/long term revenue growth trends.