Snap Inc (SNAP) PT Lowered to $10 at TD Cowen Amid 'Marco Concerns'

TD Cowen analyst John Blackledge lowered the price target on Snap Inc (NYSE: SNAP) to $10.00 (from $12.00) while maintaining a Hold rating.

The analyst commented: "Lowering Estimates on Macro Concerns; We lowered our '25 and longer term estimates given a challenged macro environment, as reflected by worsening consumer sentiment in our proprietary US consumer survey for March. We forecast 1Q growth of 12% y/y following our positive Digital ad check, which indicated robust advertiser growth in 1Q. We expect Snap+ to capture 45% of incremental rev growth in '25.

Estimate Changes; PT to $10: We lowered our '25 revenue and EBITDA estimates by 3.5% and 11% respectively due to the above cited macro concerns, while also lowering '26-'30 revenue and EBITDA by 11% and 20% on avg. annually. Our DCF-based Price Target goes to $10 vs. $12 prior."

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