Analysts Lower Price Targets On Snap After Q3 Performance

Analysts lowered their target prices on Snap Inc SNAP following Q3 quarterly results, which warned about Apple's privacy changes which disrupted business due to changes to iOS ad tracking.
Keybanc analyst Justin Patterson maintained an Overweight and lowered the PT from $90 to $85, implying a 13.2% upside.
Piper Sandler analyst Thomas Champion lowered the PT to $75 from $85, implying priced at the current level, and reiterated an Overweight rating on the shares.
The shares dropped 21% after the company Q3 revenue growth of 57% year-over-year, missing the consensus estimate of up 62%, Champion notes.
He points out that management spoke to two key factors driving the result: Apple Inc AAPL, Apple App Tracking Transparency changes, and macroeconomic factors.
The analyst sees Apple's ATT changes as an "industry-wide, temporary phenomenon" and still likes Snap's user growth momentum and "array of long-term monetization opportunities."
Price Action: SNAP shares traded lower by 19.9% at $60.13 in the premarket session on the last check Friday.
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