Snap, Inc. Shares Rise on Analyst Upgrade
Just yesterday, Cantor Fitzgerald dropped its price target on Snap (NYSE: SNAP) from $17 to $15 while maintaining its overall neutral rating on the Snapchat operator's shares. The reduction was largely driven by Snap's second-quarter earnings, which fell shy of expectations in numerous ways.
Analyst Kip Paulson lowered his estimates for this year and next; he expects Snap to lose $2.60 per share in 2017 (worse than his prior estimate of a loss of $2.20 per share) and $0.64 per share in 2018 (worse than his prior estimate of a loss of $0.54 per share). The analyst also expressed some concern about intensifying competition, and wanted more visibility into user growth, ad pricing, and how the lock-up expirations would affect shares.
Image source: Pixabay.
Source: Fool.com
