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SNAP

Snap

$7.02

0.43 (6.53%)

, FB

Facebook

$149.15

3.12 (2.14%)

13:17
10/25/18
10/25
13:17
10/25/18
13:17

Fly Intel: What to watch in Snap earnings report

Snap Inc. (SNAP) is scheduled to report results of its third fiscal quarter after market close on October 25, with a conference call scheduled for 5:00 pm ET. What to watch for: 1. OUTLOOK: During the company's last earnings call, Snap said it sees third quarter revenue of w$265M-$290M, with consensus at $290.1M, and third quarter adjusted EBITDA loss of ($185M)-($160M), compared to ($179M) in the third quarter of 2017. Earlier this month, the company's CEO Evan Spiegel said he has set out a goal of achieving full-year profitability in 2019 and has established new strategic goals for employees, Cheddar reported. 2. SOFTER USER GROWTH: Earlier this month, Loop Capital analyst Alan Gould started Snap with a Hold rating and $7 price target. The analyst pointed out that the company's revenue and user growth have decelerated due to competition, a "controversial" redesign and issues with the Android version of its app. Gould said he believes that even if management can revise the app, competition from Facebook's (FB) Instagram may make it difficult for Snap to reaccelerate its growth. However, the analyst added that with an enterprise value down to $9B, Snap is now small enough to be acquired "if the controlling shareholders are willing sellers and if regulators allow such a deal." On Tuesday, his peer at SunTrust lowered his price target on Snap's shares to $8 from $13 ahead of what he expects to be "mixed" quarterly results, while reiterating a Hold rating on the stock. Analyst Youssef Squali cited the "lack of material momentum with advertisers and a user base, whose growth remains challenged". Further, the analyst argued that the anticipated ramp in Snap's monetization may also take longer as its Daily Active User rate of growth is seen remaining "muted." 3. AMAZON SEARCH: Snap announced last month a new way to search for products on Amazon (AMZN) from the Snapchat camera. The company said in a statement, "We'll be rolling it out slowly, but we wanted to announce it to everyone at the same time. It's super easy to use. Simply point your Snapchat camera at a physical product or barcode, and press and hold on the camera screen to get started. When the item or barcode is recognized, an Amazon card will appear on-screen, surfacing a link for that product or similar ones available on Amazon." 4. MANAGEMENT CHANGES: In an SEC filing last month, Snap said, "On September 6, 2018, Imran Khan, our chief strategy officer, notified us that he will leave Snap to pursue other opportunities. Khan will continue to serve as chief strategy officer for an interim period to assist with an effective transition of his duties and responsibilities." Citing management chances, alongside improved execution, Wedbush analyst Michael Pachter upgraded Snap to Outperform from Neutral on September 11, and raised his price target on the shares to $12.15 from $11.50. Meanwhile, Snap hired Jeremi Gorman as its new Chief Business Officer, CNBC reported on Wednesday, citing a note to employees by CEO Evan Spiegel. Most recently, Gorman was head of global advertising sales for Amazon. In addition, Jared Grusd has been named the new Chief Strategy Officer for the company.

SNAP

Snap

$7.02

0.43 (6.53%)

FB

Facebook

$149.15

3.12 (2.14%)

AMZN

Amazon.com

$1,748.75

84.55 (5.08%)

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SNAP Snap
$7.02

0.43 (6.53%)

10/24/18
STFL
10/24/18
NO CHANGE
Target $9
STFL
Hold
Snap price target lowered to $9 from $15 at Stifel
Stifel analyst John Egbert tempered his near-term revenue expectations for Snap, citing his belief that many advertisers need to grow more comfortable with the platform. He lowered his 2019 revenue forecasts by 4% and his 2020 view by 3% to account for softer expected DAU growth and gradual advertiser adoption of its ad tools, which he views as "steadily improving." Ahead of the company's Q3 earnings report on Thursday, Egbert lowered his price target on Snap to $9 from $15 and keeps a Hold rating on the shares.
10/23/18
OTRG
10/23/18
UPGRADE
OTRG
Positive
Snap upgraded to Positive from Mixed at OTR Global
OTR Global upgraded Snap to Positive following checks that indicate modest Q3 gains in social media budget share driven by improved engagement and access to robust creative inventory.
10/23/18
COWN
10/23/18
NO CHANGE
Target $6
COWN
Underperform
Snap price target lowered to $6 from $8 at Cowen
Cowen analyst John Blackledge lowered his price target on Snap to $6 from $8 ahead of Q3 results. The analyst expects continued softness due to user declines and continued pricing pressure from the switch to the programmatic auction. The analyst cut his long-term forecast and thus his price target. Blackledge maintains his Underperform rating on Snap shares.
10/23/18
RHCO
10/23/18
NO CHANGE
Target $8
RHCO
Hold
Snap price target lowered to $8 from $13 at SunTrust
SunTrust analyst Youssef Squali lowered his price target on Snap to $8 and kept his Hold rating ahead of its Q3 results which he expects to be mixed. The analyst cites the "lack of material momentum with advertisers and a user base, whose growth remains challenged". He adds that the anticipated ramp in Snap's monetization may also take longer as its Daily Active User rate of growth is seen remaining "muted". Squali further believes that the company's valuation at 5.4-times enterprise value to expected FY19 revenues is "full" as he also contends that CEO Spiegel's view of profitability in FY19 is too "optimistic".
FB Facebook
$149.15

3.12 (2.14%)

10/17/18
BARD
10/17/18
NO CHANGE
Target $195
BARD
Outperform
Facebook near-term risks embedded in shares, says Baird
Baird analyst Colin Sebastian expects Facebook's Q3 results to confirm slowing core growth amid reallocation of some spending to Instagram and potentially other sites. He believes the shares have embedded some downside risk to consensus estimates with out-year Street margin expectations likely to compress further. Sebastian is maintaining his Outperform rating and $195 price target on Facebook shares.
10/22/18
PIPR
10/22/18
NO CHANGE
Target $200
PIPR
Overweight
Teen survey shows Facebook weakness, Instagram strength, says Piper Jaffray
Piper Jaffray analyst Michael Olson says his firm's 36th semi-annual survey of 8,600 teens shows that Facebook's (FB) Instagram and Snap's (SNAP) Snapchat continue to dominate adoption and that core Facebook use is declining across age cohorts. Further, the data show that Instagram has overtaken Snapchat as the most-used platform by teen monthly active users, and continues to lead social platforms as a channel for brand communication, Olson tells investors in a research note. However, the survey results are mixed for Facebook as the company is best positioned in the mobile-native space, but needs to execute to ensure monetization is strong on new platforms, especially with increasing emphasis on Stories and Messaging, Olson contends. He maintains an Overweight rating on Facebook shares with a $200 price target.
10/23/18
KEYB
10/23/18
NO CHANGE
KEYB
KeyBanc expecting 'strong' results from Facebook, Alphabet in Q3
KeyBanc analyst Andy Hargreaves expects "strong" results from Facebook (FB)/Alphabet (GOOGL) in the Q3, with a likelihood for in line results from Twitter (TWTR) and Criteo (CRTO). The analyst says checks suggest advertiser demand for Facebook and Google properties remained strong in Q3 despite regulatory concerns. This is in contrast to generally weak sentiment across the space, he notes, which makes the risk/reward on Facebook, Alphabet, and Criteo positive.
10/24/18
MACQ
10/24/18
NO CHANGE
Target $190
MACQ
Outperform
Facebook 'top pick' in Large Cap Internet, says Macquarie
Macquarie analyst Benjamin Schachter kept his Outperform rating and $190 price target on Facebook ahead of its Q3 earnings, saying the stock is his "top pick" in the U.S. Large-Cap Internet space with "compelling" risk-reward and likely better than expected usage trends. The analyst adds that the company's monthly active user metric will continue to grow and sees investors being reward if the management "chooses to highlight new metrics that focus on the overall properties and not just Facebook". Schachter also anticipates Facebook's expense guidance to "once again turn out to be conservative".
AMZN Amazon.com
$1,748.75

84.55 (5.08%)

10/25/18
WEDB
10/25/18
NO CHANGE
Target $140
WEDB
Outperform
Microsoft momentum continues after another cloud beat, says Wedbush
Wedbush analyst Daniel Ives notes Microsoft (MSFT) delivered another "robust" quarter. The company exceeded expectations on nearly every metric across the board with no soft spots. Redmond is still in the early innings of benefiting from a transformational secular cloud shift in this two-horse race with Amazon (AMZN) as more enterprises around the world head down the cloud path. Ives is bullish on Microsoft into 2019 given his thesis on Azure's cloud momentum is still in its early days of playing out with the company's massive installed base, Office 365 transition on consumer/enterprise providing growth tailwinds for the next 12-18 months at least, and newer integrated product initiatives around consumers and cloud services are still playing out within Redmond's ubiquitous installed base of consumers and enterprises worldwide. He reiterates an Outperform rating and $140 price target on Microsoft shares.
10/23/18
KEYB
10/23/18
NO CHANGE
KEYB
Sector Weight
Q3 should be a 'solid' quarter for Amazon, says KeyBanc
KeyBanc analyst Edward Yruma believes Q3 should be a "solid" quarter for Amazon. Comparisons have gotten a bit tougher since Amazon is now cycling the Whole Foods acquisition and Q2 likely received some benefit from a late spring, he contends. Similar to 1H, the analyst thinks advertising likely remained a driver to margin. For AWS, Yruma remains confident that revenue is poised to double to $46B by 2020. He reiterates a Sector Weight rating on the shares.
10/23/18
JEFF
10/23/18
NO CHANGE
Target $2260
JEFF
Buy
Amazon.com price target lowered to $2,260 from $2,350 at Jefferies
Jefferies analyst Brent Thill lowered his price target for Amazon.com to $2,260 from $2,350 after "taking a stab at" quantifying the impact from the company's minimum wage hike and a proposed U.S. Postal rate increase for 2019. The analyst says he tried to keep his estimates "on the conservative side" given the "limited visibility into many of the variables involved." With that said, Thill concluded that the cumulative impact should be close to $2.2B in 2019 and represent ~1% of Amazon's combined cost of goods sold and operating expenses for the year. He keeps a Buy rating on Amazon.
10/23/18
WEDB
10/23/18
NO CHANGE
Target $140
WEDB
Outperform
Shift to cloud 'significantly' benefiting Microsoft, says Wedbush
Wedbush analyst Daniel Ives notes Microsoft (MSFT) will be reporting its Q1 results this week and expects Nadella & Co. to post another solid beat on both the top and bottom line as cloud strength on Azure and Office 365 continues to be the fuel in the tank, with strong field checks indicating the company could beat commercial cloud expectations by 3%-5%. While the massive secular shift to the cloud is a "two horse race" between Amazon (AMZN) and Microsoft, the analyst is seeing a clear inflection point in the field as more enterprises and government agencies make this transformational move to a hybrid cloud architecture with Redmond making a major partner push on the SMB front. Ives believes the shift to cloud is a major secular trend that is "significantly" benefiting Microsoft in the field as a key tailwind and should continue its momentum heading into FY2019. Ives reiterates an Outperform rating and $140 price target on Microsoft's shares.

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UTX

United Technologies

$125.30

0.45 (0.36%)

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Sony

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1.735 (3.49%)

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0.45 (0.36%)

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Sony

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1.735 (3.49%)

GRUB

GrubHub

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AMZN

Amazon.com

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GS

Goldman Sachs

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0.24 (0.13%)

DB

Deutsche Bank

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BA

Boeing

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RTN

Raytheon

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MCK

McKesson

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Cardinal Health

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AmerisourceBergen

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GM

General Motors

$35.66

-0.36 (-1.00%)

18:49
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GM won't deploy self-driving fleet until safer than human driver, Axios reports »

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T

AT&T

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0.06 (0.19%)

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Comcast

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0.62 (1.49%)

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AT&T

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Comcast

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0.62 (1.49%)

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Comcast

$0.00

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Sony

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LGF.A

Lionsgate

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DIS

Disney

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VIAB

Viacom

$29.38

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VIA

Viacom

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GS

Goldman Sachs

$191.71

0.24 (0.13%)

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Goldman Sachs combining private-investing units, WSJ reports »

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DB

Deutsche Bank

$6.79

-0.07 (-1.02%)

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Deutsche Bank to set up EUR50B bad bank, Financial Times reports »

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UAL

United Continental

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TGT

Target

$87.83

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Intel

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BA

Boeing

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Goldman Sachs

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Boeing

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ESLT

Elbit Systems

$154.55

0.55 (0.36%)

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Amgen

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SILK

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EDIT

Editas Medicine

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SNSS

Sunesis

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Apellis

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-0.14 (-0.66%)

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FTSV

Forty Seven

$10.55

-0.02 (-0.19%)

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AZN

AstraZeneca

$39.68

-0.23 (-0.58%)

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