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SNAP

Snap

$12.08

0.55 (4.77%)

, FB

Facebook

$183.09

1.6 (0.88%)

11:59
04/23/19
04/23
11:59
04/23/19
11:59

On The Fly: What to watch in Snap earnings report

Snap Inc. (SNAP) is scheduled to report results of its first fiscal quarter after market close on April 23, with a conference call scheduled for 5:00 pm ET. What to watch for: 1. USER GROWTH: With its last report, Snap said that its Daily Average Users, or DAUs, were 186M, flat quarter-over-quarter and down 1M users from last year. At the time, CEO Evan Spiegel said, "We ended the year with user engagement stabilizing in advance of the broad rollout of our Android improvements, with overall Q4 daily active users flat quarter-over-quarter and average time spent above 30 minutes per day... We are seeing our investments in improving the Snapchat experience beginning to bear fruit on iOS. In Q4, our iOS daily active users increased both quarter-over-quarter and year-over-year, and average time spent on iOS grew faster during Q4 than it did last year. This is great progress following our redesign, and we look forward to continuing to grow engagement on our platform." On April 10, eMarketer's Ross Benes said he expects Snapchat's U.S. monthly user base to decline 2.8% this year to 77.5M, but sees Snapchat increasing its worldwide monthly user base 11.3% to 297.7M in 2019. In a statement to media outlets and BTIG's Rich Greenfield following that report, Snap called the methodology of eMarketer's forecast "flawed" and said its user forecast is more than 10M off from the company's publicly available reach on its ad buying tool. 2. RECENT SUMMIT: On April 4, Snap hosted its first-ever partner summit, which was viewed as part of an ongoing effort to be more open and communicative as the company faces competition from other platforms like Facebook's (FB) Instagram and up-and-comer TikTok. At the event, Snap announced Snap Games, a real-time multiplayer gaming platform featuring original and third-party video games from a number of developers. The company also made several other announcements, including a Bitmoji clock face partnership with Fitbit (FIT), a new slate of Snap Originals shows and new augmented reality and camera search experiences. 3. SHARE PERFORMANCE STRONG, ANALYST VIEWS MIXED: Social stocks have outperformed year-to-date, up ~55% versus the Nasdaq's rally of 20%, with Snap being the top performer with an advance of 120% after lagging the group in 2018, Jefferies analyst Brent Thill recently told investors. Thill is "incrementally positive" on Snap's "encouraging momentum," but says the company is "not out of the woods yet." If Snap can deliver on daily active user growth in Q1, it should be a catalyst for shares. However with the stock trading at nine-times 2019, these improvements are largely priced in, Thill said. On April 18, Wedbush analyst Michael Pachter downgraded Snap to Neutral from Outperform, citing valuation. Pachter expects Snap to report Q1 results modestly above guidance and consensus and foresees Q2 guidance roughly in-line with consensus, but he believes the stock's current price leaves little room for upside. He maintained a $12.25 price target on Snap shares. On April 5, RBC Capital analyst Mark Mahaney upgraded Snap to Outperform from Sector Perform and raised his price target for the shares to $17 from $10. The analyst sees early evidence that its Android platform improvements are "finally gaining traction." Snap may have reached a fundamentals inflection point, Mahaney told investors. Further, the analyst views the stock's valuation as "much-less demanding" relative to 2017, he said. This morning, Credit Suisse analyst Stephen Ju raised his price target for Snap to $13 from $10.50 and reiterated an Outperform rating, noting that the company recently released an updated version of its Android App, which he believes will place it in a better position to address user demand across the globe. Ju now expects 3M incremental users for 2019 versus a 1.5M decrease he forecast previously.

SNAP

Snap

$12.08

0.55 (4.77%)

FB

Facebook

$183.09

1.6 (0.88%)

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    Jun

SNAP Snap
$12.08

0.55 (4.77%)

04/18/19
VERF
04/18/19
DOWNGRADE
VERF
Sell
Snap downgraded to Negative from Mixed at Vertical Group
Vertical Group downgraded Snap to Negative citing slowing spending growth, stagnant ROI, and lower inventory.
04/18/19
04/18/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Morgan Stanley (MS) downgraded to Neutral from Buy at Citi with analyst Keith Horowitz saying Morgan Stanley reported "strong" Q1 results but the shares are fairly valued. 2. Snap (SNAP) downgraded to Negative from Mixed at Vertical Group and to Neutral from Outperform at Wedbush. 3. Rite Aid (RAD) downgraded with a Sell from Neutral at Guggenheim while Walgreens Boots Alliance (WBA) was downgraded with a Neutral from Buy. 4. CF Industries (CF) downgraded to Underperform from Buy at BofA/Merrill with analyst Steve Byrne saying he has spoken with 10 key channel contacts in the Cornbelt and several commented that never in their 30-plus year careers have they seen fertilizer applications this far behind, mainly due to the weather. 5. FMC Corporation (FMC) downgraded to Sector Perform from Outperform at RBC Capital with analyst Arun Viswanathan citing the "uncertainty of Rynaxypyr and Cyazypyr patent expiration" as well as the reduced multiple from the recent lithium separation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/22/19
JEFF
04/22/19
NO CHANGE
JEFF
Jefferies still prefers Facebook in social, calls Twitter 'reasonably valued'
Social stocks have outperformed year-to-date, up ~55% versus the Nasdaq's rally of 20%, with Snap (SNAP) being the top performer up 120% after lagging the group in 2018, Jefferies analyst Brent Thill tells investors in a research note. The analyst continues to prefer share of Facebook (FB) in social with a Buy rating and $200 price target. He sees upside in average revenue per user and operating expenditure growth. Meanwhile, Thill is "incrementally positive" on Snap's "encouraging momentum," but says the company is "not out of the woods yet." If Snap can deliver on daily active user growth in Q1 it should be a catalyst for shares, however with the stock trading at nine-times 2019, these improvements are largely priced in, Thill tells investors in a pre-earnings research note. And while the analyst remains "fundamental fans" of Twitter, he views the stock as "reasonably valued." Further, Twitter faces tough comps for international in the first half of 2019 and for the U.S. in the second half of the year, Thill points out.
04/23/19
FBCO
04/23/19
NO CHANGE
Target $13
FBCO
Outperform
Snap price target raised to $13 from $10.50 at Credit Suisse
Credit Suisse analyst Stephen Ju raised his price target for Snap to $13 from $10.50 ahead of quarterly results. The analyst notes that the company recently released an updated version of its Android App, which will place it in a better position to address user demand across the globe. Ju now expects 3M incremental users for 2019 versus 1.5M decrease previously. He reiterates an Outperform rating on the shares based on potential for better-than-expected user growth with a revamped Android app, advertising revenue growth acceleration by the second half of the year, and Snap being a scarce asset that offers advertisers access to a coveted younger demographic.
FB Facebook
$183.09

1.6 (0.88%)

04/22/19
CLVD
04/22/19
NO CHANGE
CLVD
Buy
Facebook 2019 estimates raised at Cleveland Research
Cleveland Research analyst Chandler Converse said his checks point to Q1 revenue for Facebook in-line with management's guidance for a mid-single digit deceleration in growth, but he also noted that advertisers seem incrementally more optimistic on the adoption of Stories ads. Additionally, partners appeared to slow plans to diversify budgets away from Facebook in the near-term given better ROI trends, said the analyst, who raised his 2019 estimates and keeps a Buy rating on the stock.
04/22/19
BARD
04/22/19
NO CHANGE
Target $195
BARD
Outperform
Facebook to report in-line to better-than-expected Q1, says Baird
Baird analyst Colin Sebastian expects Facebook to report in-line to better-than-expected Q1 results this week on the back of healthy advertiser demand. Sebastian tells investors in a research note that his firm's checks continue to suggest positive trends for the Facebook ecosystem, adding that Instagram is "particularly strong," despite headline concerns over platform privacy and safety. Management continues to highlight the growing contribution from new channels/formats while Messenger remains an area of increased focus, potentially a highlight at the upcoming F8 conference next week, he says. He maintains an Outperform rating and $195 price target.
04/23/19
FBCO
04/23/19
NO CHANGE
Target $211
FBCO
Outperform
Signs of potential value creation from Facebook new products, says Credit Suisse
Credit Suisse analyst Stephen Ju continues to anticipate the real clearing data point for Facebook shares will arrive on the Q3 report, in which he expects the OpEx/CapEx outlook to signal a return to growth for free cash flow. In the meantime, ahead of Q1 results, his checks continue to suggest minimal deceleration for U.S. budgets coupled with modest headwinds in Europe. Ju also believes there are "greater signs" of potential value creation from new products. The analyst reiterates an Outperform rating on the shares, while raising his price target on the stock to $211 from $210, as he believes Facebook will be able to drive long-term revenue growth without a material lift in ad loads with, the Street models continue to underestimate the long-term monetization potential of other billion-user properties like Messenger and WhatsApp, and free cash flow growth recovery for 2020.

TODAY'S FREE FLY STORIES

GOOG

Alphabet

$1,132.99

-7.56 (-0.66%)

, GOOGL

Alphabet Class A

$1,138.90

-5.98 (-0.52%)

07:20
05/25/19
05/25
07:20
05/25/19
07:20
On The Fly
Week in review: How Trump's policies moved stocks »

Catch up on the top…

GOOG

Alphabet

$1,132.99

-7.56 (-0.66%)

GOOGL

Alphabet Class A

$1,138.90

-5.98 (-0.52%)

MSFT

Microsoft

$126.23

0.04 (0.03%)

AMBA

Ambarella

$38.28

1.07 (2.88%)

ON

ON Semiconductor

$17.68

-0.235 (-1.31%)

NKE

Nike

$82.12

-0.51 (-0.62%)

ADDYY

Adidas

$0.00

(0.00%)

UAA

Under Armour

$23.54

0.075 (0.32%)

UA

Under Armour

$20.91

0.08 (0.38%)

FL

Foot Locker

$44.39

-8.455 (-16.00%)

VMC

Vulcan Materials

$126.28

1.25 (1.00%)

FLR

Fluor

$29.04

0.18 (0.62%)

ACM

Aecom

$31.56

-0.03 (-0.09%)

X

U.S. Steel

$13.63

-0.08 (-0.58%)

AKS

AK Steel

$2.00

-0.155 (-7.21%)

NUE

Nucor

$51.12

-0.27 (-0.53%)

DDAIF

Daimler AG

$0.00

(0.00%)

FCAU

Fiat Chrysler

$12.85

0.11 (0.86%)

F

Ford

$9.83

-0.02 (-0.20%)

GM

General Motors

$35.13

0.01 (0.03%)

HMC

Honda

$25.45

0.175 (0.69%)

NSANY

Nissan

$0.00

(0.00%)

TM

Toyota

$118.54

1.16 (0.99%)

VWAGY

Volkswagen

$0.00

(0.00%)

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UBER

Uber

$41.40

0.94 (2.32%)

17:49
05/24/19
05/24
17:49
05/24/19
17:49
Hot Stocks
Uber board director Ryan Graves intends to resign »

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APTO

Aptose Biosciences

$2.01

0.03 (1.52%)

17:46
05/24/19
05/24
17:46
05/24/19
17:46
Syndicate
Aptose Biosciences files for $40M at-the-market common stock offering »

Piper Jaffray and…

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TRNX

Taronis Technologies

$0.48

0.004 (0.84%)

17:26
05/24/19
05/24
17:26
05/24/19
17:26
Syndicate
Breaking Syndicate news story on Taronis Technologies »

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USEG

U.S. Energy

$0.45

0.0373 (9.10%)

17:25
05/24/19
05/24
17:25
05/24/19
17:25
Hot Stocks
U.S. Energy discloses Nasdaq notice regarding delayed 10-Q filing »

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AAPL

Apple

$179.03

-0.64 (-0.36%)

17:22
05/24/19
05/24
17:22
05/24/19
17:22
Periodicals
Apple sued over allegedly selling users' iTunes data, Bloomberg says »

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  • 03

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SPCB

SuperCom

$1.17

-0.005 (-0.43%)

17:21
05/24/19
05/24
17:21
05/24/19
17:21
Hot Stocks
SuperCom discloses Nasdaq notice regarding delayed 20-F filing »

SuperCom received a…

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USEG

U.S. Energy

$0.45

0.0373 (9.10%)

17:20
05/24/19
05/24
17:20
05/24/19
17:20
Hot Stocks
U.S. Energy receives noncompliance notice from Nasdaq »

U.S. Energy announced…

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MYOV

Myovant Sciences

$12.39

-0.465 (-3.62%)

17:18
05/24/19
05/24
17:18
05/24/19
17:18
Syndicate
Breaking Syndicate news story on Myovant Sciences »

Myovant Sciences files to…

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MYOV

Myovant Sciences

$12.39

-0.465 (-3.62%)

17:17
05/24/19
05/24
17:17
05/24/19
17:17
Syndicate
Breaking Syndicate news story on Myovant Sciences »

Myovant Sciences files…

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NVS

Novartis

$87.49

3.03 (3.59%)

, QGEN

Qiagen

$38.22

-0.255 (-0.66%)

16:57
05/24/19
05/24
16:57
05/24/19
16:57
Hot Stocks
Qiagen launches diagnostic for PIK3CA biomarkers in breast cancer »

Qiagen (QGEN) announced…

NVS

Novartis

$87.49

3.03 (3.59%)

QGEN

Qiagen

$38.22

-0.255 (-0.66%)

03/08/13
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03/08/13
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03/06/13
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03/06/13
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AVH

Avianca

$3.96

0.91 (29.84%)

16:56
05/24/19
05/24
16:56
05/24/19
16:56
Periodicals
ANAC suspends flights, operations of Avianca Brasil, Reuters reports »

Brazil's ANAC said…

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AAPL

Apple

$179.03

-0.64 (-0.36%)

16:53
05/24/19
05/24
16:53
05/24/19
16:53
Periodicals
Apple acquires startup Tueo Health, CNBC reports »

Apple has bought Tueo…

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  • 03

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SHSP

SharpSpring

$16.37

-0.24 (-1.44%)

16:52
05/24/19
05/24
16:52
05/24/19
16:52
Syndicate
Breaking Syndicate news story on SharpSpring »

SharpSpring files to sell…

03/08/13
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  • 13

    Jun

CREG

China Recycling Energy

$0.48

0.005 (1.05%)

16:41
05/24/19
05/24
16:41
05/24/19
16:41
Syndicate
Breaking Syndicate news story on China Recycling Energy »

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FENC

Fennec

$3.88

(0.00%)

16:36
05/24/19
05/24
16:36
05/24/19
16:36
Conference/Events
Fennec management to meet with Wedbush »

Meeting to be held in…

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  • 29

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TD

Toronto-Dominion

$56.66

0.65 (1.16%)

16:35
05/24/19
05/24
16:35
05/24/19
16:35
Syndicate
Breaking Syndicate news story on Toronto-Dominion »

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16:30
05/24/19
05/24
16:30
05/24/19
16:30
Options
Preliminary option volume of 15.7M today »

Preliminary option volume…

CBUS

Cibus

$0.00

(0.00%)

16:25
05/24/19
05/24
16:25
05/24/19
16:25
Syndicate
Cibus requests withdrawal of registration statement »

The company's…

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BA

Boeing

$355.14

4.57 (1.30%)

16:23
05/24/19
05/24
16:23
05/24/19
16:23
Periodicals
Boeing 737 MAX return delayed by FAA expanding review, WSJ reports »

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FB

Facebook

$181.03

0.14 (0.08%)

, BA

Boeing

$355.14

4.57 (1.30%)

16:20
05/24/19
05/24
16:20
05/24/19
16:20
On The Fly
Fly Intel: Wall Street's top stories for Friday »

U.S. stocks, which had a…

FB

Facebook

$181.03

0.14 (0.08%)

BA

Boeing

$355.14

4.57 (1.30%)

UAL

United Continental

$80.77

-0.14 (-0.17%)

SMI

SMIC

$5.23

-0.26 (-4.74%)

HPQ

HP Inc.

$20.03

0.835 (4.35%)

HPE

HP Enterprise

$14.36

0.03 (0.21%)

NVS

Novartis

$87.49

3.03 (3.59%)

CNC

Centene

$56.84

1.39 (2.51%)

WCG

WellCare

$275.45

0.99 (0.36%)

TSS

TSYS

$113.42

13.81 (13.86%)

GPN

Global Payments

$153.42

5.45 (3.68%)

HIBB

Hibbett Sports

$23.91

4.07 (20.51%)

DVAX

Dynavax

$5.77

-0.59 (-9.28%)

FL

Foot Locker

$44.39

-8.455 (-16.00%)

SPLK

Splunk

$119.13

-9.55 (-7.42%)

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    Nov

VIX

Volatility Index S&P 500 Options

$0.00

(0.00%)

16:20
05/24/19
05/24
16:20
05/24/19
16:20
Options
Closing CBOE SPX and VIX Index summary for May 24th »

The CBOE Volatility Index…

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

16:17
05/24/19
05/24
16:17
05/24/19
16:17
Technical Analysis
NASDAQ market internals summary »

Volume was average for…

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$NYE

NYSE Market Internals

$0.00

(0.00%)

16:16
05/24/19
05/24
16:16
05/24/19
16:16
Technical Analysis
NYSE market internals summary »

Volume was below average…

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RHE

Regional Health Properties

$2.06

0.09 (4.57%)

16:15
05/24/19
05/24
16:15
05/24/19
16:15
Hot Stocks
Regional Health Properties receives NYSE notice over late Form 10-Q filing »

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