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Snap -1.4% as Deutsche Bank downgrades on dimming ad interest

Published 09/11/2017, 11:39 AM
© Reuters. Snap -1.4% as Deutsche Bank downgrades on dimming ad interest
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  • Snap (NYSE:SNAP) is 1.4% lower following a downgrade to Hold from Deutsche Bank (DE:DBKGn).
  • Interest from the ad industry is "waning," says analyst Lloyd Walmsley, with fewer advertisers willing to experiment with Snap despite the company's improvements to its ad tech (and with proven rival Facebook (FB +1.3%) integrating more Snappy features into Instagram).
  • Based on his talks with players in the Snap/ad ecosystem, "just as the company makes progress with its ad systems, the narrative in the ad community has become more challenging," Walmsley writes.
  • The company's made progress, "but the positive feedback has been limited and mixed with less upbeat reports."
  • He's cut this year's revenue estimates to $1.6B from $1.9B (and for next year to $2.9B from $3.2B), and has lowered his price target to $17 from $20, implying 12% upside from current pricing.
  • Now read: Snap's DAU Metrics

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