Truist lowered the firm’s price target on Snap to $7 from $8 and keeps a Hold rating on the shares. The company reported a miss on top and bottom lines with Q2 outlook that reflects macro headwinds, targeting signal loss, competition, and leadership changes weighing on Snap’s growth, the analyst tells investors in a research note. While the decision to transition to a new ad format and invest aggressively in ML to accelerate content and ad platform ranking to re-accelerate growth makes sense, it’s likely to take time, Truist added.
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Read More on SNAP:
- Snap price target lowered to $11 from $15 at Barclays
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- Snap internally targets Q2 revenue of $1.00B-$1.09B, consensus $1.1B
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