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Snap +2.6% as Cantor sees share gains, MS cuts target

Published 08/23/2017, 10:43 AM
© Reuters. Snap +2.6% as Cantor sees share gains, MS cuts target
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  • After a market-open tug-of-war, Snap (NYSE:SNAP) is up 2.6% alongside a bullish update from Cantor Fitzgerald and a price target cut from Morgan Stanley (NYSE:MS).
  • Cantor reiterated its Overweight rating and $15 price target, noting that it sees the social-media "camera company" gaining share among younger consumers and predicting more engagement with the rapid rise of its shows.
  • Video could mean another incremental tailwind for ARPU in the coming 12 months, says analyst Kip Paulson. (h/t/ Bloomberg)
  • Morgan Stanley, meanwhile, has cut its price target to $14 from $16 (now implying 6% downside) and trimmed its ad revenue estimates by 8% for 2018 and by 9% for 2019.
  • The ad business is taking longer to scale, says analyst Brian Nowak (who has an Equal-Weight rating); the core ad product still lacks performance, measurability and ROI.
  • We're six days from the company's next IPO lockup expiration.
  • Now read: Facebook (NASDAQ:FB) And Snap: A Tale Of Teens

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