UPDATE: Snap Inc (SNAP) PT Lowered to $20 at Benchmark

Benchmark analyst Mark Zgutowicz lowered the price target on Snap Inc (NYSE: SNAP) to $20.00 (from $40.00) while maintaining a Buy rating.

The analyst comments "The timing of the 2Q preannouncement, just one month after 1Q earnings, could spell the end of SNAP’s iOS fingerprinting benefits, a risk we discussed post its 1Q print. Regardless of whether Apple puts the kibosh on all fingerprinting -opted in or out users- at its upcoming developer conference, the practice was a band aid vs. resolution to lost iOS (IDFA) signal. SNAP’s own 1P data, in concert with its targeting/measurement solutions (e.g., Conversion API and Snap Pixel), must deliver competitive ROAS. We reduce ‘22E/’23E revenue and EBITDA meaningfully and subsequently our DCF-based price target from $40 to $20, implying ‘22E/’23E revenue multiples of 4.6x/3.6x, respectively (on pre-market ~$16 trading levels)."

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