Snap: shares extend fall as broker cuts target
(CercleFinance.com) - Shares in Snap are down over 9% today at under 9 dollars, continuing with its summer slide, with a broker cutting its target price on Wednesday.
In a note, Jefferies said it was cutting its target price from 14 dollars to 11 dollars. The broker maintained its "hold" rating on the owner of the Snapchat camera application.
The numbers of daily average users (DAUs) and time spent have both been on a downward trend in Q3 in the US, UK, Spain, France, Germany, and Australia, the broker says in a note.
"While advertiser sentiment is neutral to positive, reach is capped due to declining users," Jefferies warns. In social media, it continues to prefer Facebook, as well as Twitter over Snap.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
In a note, Jefferies said it was cutting its target price from 14 dollars to 11 dollars. The broker maintained its "hold" rating on the owner of the Snapchat camera application.
The numbers of daily average users (DAUs) and time spent have both been on a downward trend in Q3 in the US, UK, Spain, France, Germany, and Australia, the broker says in a note.
"While advertiser sentiment is neutral to positive, reach is capped due to declining users," Jefferies warns. In social media, it continues to prefer Facebook, as well as Twitter over Snap.
Copyright (c) 2018 CercleFinance.com. All rights reserved.