These Analysts Cut Their Forecasts On Snap Following Q1 Results

Snap Inc SNAP reported better-than-expected first-quarter financial results on Tuesday.

Snap reported first-quarter revenue of $1.36 billion, up 14% year-over-year. The revenue total beat a Street consensus estimate of $1.35 billion according to data from Benzinga Pro. The company reported an adjusted loss of 8 cents per share, beating a Street consensus estimate of a loss of 13 cents per share.

Snap had 460 million daily active users at the end of the first quarter, up 9% year-over-year. The company also passed the milestone figure of 900 million monthly active users, on its way to a goal of one billion MAU. 

“We surpassed an important milestone in Q1, with our community growing to over 900 million monthly active users,” Snap CEO Evan Spiegel said.

Snap shares fell 14.7% to trade at $7.75 on Wednesday.

These analysts made changes to their price targets on Snap following earnings announcement.

• Rosenblatt analyst Barton Crockett maintained Snap with a Neutral and lowered the price target from $12 to $9.
• BMO Capital analyst Brian Pitz maintained the stock with an Outperform rating and lowered the price target from $16 to $13.
• RBC Capital analyst Brad Erickson, meanwhile, reiterated Snap with a Sector Perform and maintained a $12 price target.

Considering buying SNAP stock? Here’s what analysts think: