RBC Capital analyst Brad Erickson lowered the firm’s price target on Snap to $9 from $10 and keeps a Sector Perform rating on the shares. The company’s Q1 results and Q2 guide were "challenging" as it continues to struggle with developing alternative measurement tools to solve the Apple signal loss as well as being able to drive improving ROAS for its ad customers, the analyst tells investors in a research note. RBC adds that Snap’s increasing focus on further infrastructure investment to try and find new targeting measurement solutions is weighing on margins incrementally.
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