Snap Inc (SNAP) PT Lowered to $80 at Goldman Sachs Following Earnings

Goldman Sachs analyst Eric Sheridan lowered the price target on Snap Inc (NYSE: SNAP) to $80.00 (from $90.00) while maintaining a Buy rating following disappointing earnings.

The analyst commented, "Snap's Q3 ‘21 earnings report revolved around a set of near-term headwinds as it would appear the feared outcomes of measurement/attribution impact from Apple privacy changes and advertiser budget adjustments from macro-related issues (supply chain/labor shortages) will cause the industry to slow at the same time as the industry faces tougher comps over the next 2-3 quarters. Looking longer-term, we reiterate our Buy rating on SNAP, viewing it as a long-term secular winner along the lines of many industry thematic exposures (but lower our 12-month price target from $90 to $80 to reflect adjustments to forward operating estimates)."

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