Piper Sandler analyst Thomas Champion lowered the firm’s price target on Snap (SNAP) to $30 from $50 and keeps an Overweight rating on the shares after the company revised expectations with Q2 revenue and EBITDA trending below the prior guidance range. Snap’s CEO noted a number of macro issues, says Champion, who lowered estimates following the guidance cut. The updated outlook is a negative read on digital advertising, and peers like Meta Platforms (FB) and Alphabet (GOOGL) were also under pressure after market, Champion tells investors in a research note. While Snap’s near-term outlook is “certainly more negative,” management “made the right move here in being transparent about the current trends in the business,” he adds.
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