Snap: Jefferies lowers target price

(CercleFinance.com) - Jefferies maintains its 'buy' rating on Snap shares, albeit with a target price lowered from $22 to $17, following disappointing Q4 results, with revenue growth of 5% y-o-y.


"However, the Q1 rev guide of 11-15% y/y growth implies a 10%
point acceleration at the high-end giving us conviction that the business will recover in '24", the broker says.

Jefferies remains optimistic about the Snapchat app owner's ability to deliver on its promise of at least 10% growth in 2024, although reduces its FY revenue assumption by 7%.


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