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.
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Read More on SNAP:
- Snap Inc. Reports Strong Q3 2024 Financial Results
- SNAP Earnings: Snap Stock Jumps Over 10% as Q3 Results Exceed Estimates
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- Snap sees Q4 revenue $1.51B-$1.56B, consensus $1.56B
- Snap backs FY24 adjusted operating expense view $2.425B-$2.525B
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