Snap price target lowered to $9 from $10 at Piper Sandler

Piper Sandler lowered the firm’s price target on Snap (SNAP) to $9 from $10 and keeps a Neutral rating on the shares. The firm notes shares are down about 15% after hours trading as revenue and EBITDA were both below Street as investors expected an easier setup given the lack of guide from Q1. Guide for Q3 implies revenue up high single-digit, in-line with Q2 but below Street and Digital Ad peers. Subscription trends remain constructive, but shareholder dilution and lack of profitability improvements remain an issue, Piper adds.