Snap (SNAP) Is A Structurally Challenged Company Over the Long-term - Piper Jaffray
Piper Jaffray maintains Neutral on Snap Inc (NYSE: SNAP) price target of $12.50.
Analyst Sam Kemp believes the quarter was weak across the board and remains sidelined noting that management has yet to un-earth a consistent strategy. The analyst sees some NT upside potential but only is Street expectations fall enough but over the LT he believes the company is structurally challenged. Kemp avoids downgrading the name to Under-weight noting ad sales are approaching 100% action-based and there is a decent probability that NT pricing headwinds reverse in Q4 or Q1 2018 which could result in SNAP reporting in-line with estimates which may drive equity appreciation.
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Shares of Snap Inc closed at $15.12 yesterday.