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Snapchat Stock Falls Ahead of Earnings But KeyBanc Ups Price Target By Investing.com

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — Snap Inc The shares of (NYSE) plunged 4.1% Monday, ahead of third quarter earnings releases. 

Snapchat will release its Q3 earnings on Thursday in an environment where earnings are heating up. This is ahead of Friday’s opening bell.

Justin Patterson, KeyBanc’s analyst on Snap stock, raised the price target before today’s collapse. Patterson sent investors a note on Sunday night, raising Snap’s price target to $90. This was an increase from $88, and keeping the stock’s overweight rating. 

According to the analyst, positive estimates will continue to change due to “unique” company position. Ad spend is expected to increase with increasing cost per impression. 

Patterson said that Snapchat is seeing a 50% increase in annual revenue.

The analyst also believes Snap will deliver Q4 guidance that is higher than market expectations. It currently has 47% annual growth.

 

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