Snap price target lowered to $12 from $14 at Citizens JMP

Citizens JMP analyst Andrew Boone lowered the firm’s price target on Snap (SNAP) to $12 from $14 and keeps an Outperform rating on the shares. With Snapchat delaying Simple Snapchat and Spotlight still two swipes away in the current form of Snapchat, its ability to effectively capture engagement with short-form video is increasingly unlikely given the ease of switching between apps, the analyst tells investors in a research note. The firm believes Snapchat’s available strategy choices are more limited as it can continue to focus on influencers’ daily lives, with creators posting more than 100 times a day or maintain its Discover tab, which suggests it should continue to lose share of time spent.