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Cowen's monthly recurring survey of 2,500 U.S. consumers aged 18 and up reveals some negative trends that could negatively impact Snap Inc (NYSE:SNAP).
The Analyst
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Cowen's John Blackledge maintains an Underperform rating on Snap with a price target lowered from $10 to $9.
The Thesis
Cowen's survey of adult aged Snapchat users found that users are spending on average 33 minutes per day on the platform in the second quarter (through May), Blackledge said in a research note. This implies a decline of 7 percent on a year-over-year basis. On a year-to-date basis (through May), Snapchat users also spent 33 minutes on the platform on average, which is flattish over the same five-month period a year ago.
The analyst felt it prudent to lower Snap's second-quarter estimates as follows:
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- Total revenue lowered from $262 million to $248 million;
- Advertising revenue growth lowered from 47 percent to $39 percent year-over-year;
- Daily active users lowered from 196 million to 194 million; and
- EBITDA loss lowered from $198 million to negative $230 million.
For the full fiscal year 2018, the following changes were made to the analyst's model:
- Total revenue lowered from $1.22 billion to $1.16 billion.
- EBITDA loss of $750 million versus the consensus estimate of negative $720 million.
- DAUs lowered from 211 million to 205 million.
Price Action
Shares of Snap were trading lower by more than 8 percent Tuesday at $12.91.
Related Links:
Deutsche Bank Analyst Sees Improvement At Snapchat
Cramer Trashes Snap, Compares Earnings Conference Call To 'SNL' Skit
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.