As previously reported, MKM Partners analyst Rohit Kulkarni upgraded Snap (SNAP) to Buy from Neutral with a $19 price target. The analyst notes that the 30% decline in the stock price has created an attractive buying opportunity with "asymmetric risk/reward" given that the company has "very limited" fundamental exposure to the coronavirus. Kulkarni adds that Snap shares currently trade at 5.4-times expected FY21 revenue, but when Facebook (FB) had revenue growth of over 40% and demonstrated consistent margin expansion, its shares traded at a range of 7- to 10-times next-FY revenue estimate.

After an executive at Facebook (FB) released a blog post on iOS signal loss and headwinds, Morgan Stanley analyst Brian Nowak said the comment on larger expected potential headwinds from Apple's (AAPL) iOS updates in Q3 than seen in Q2 are consistent with the company's commentary from its July earnings report. He doesn't view this blog post as a sign that IDFA headwinds are getting incrementally worse or a signal that near-term ad revenue estimates could be at risk. However, Nowak does note that the blog post and his ad checks lead him to believe Facebook advertiser iOS and IDFA signal loss are not consistently improving in Q3 either. The analyst, who adds that his talks with advertisers are "largely consistent and constructive" and that large advertisers are continuing to spend on Facebook even through near-term attribution challenges, keeps an Overweight rating and $400 price target on the shares.

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Baird analyst Colin Sebastian tells investors in a research note that the company's updated IDFA commentary is largely consistent with the firm's prior industry checks, and continues to believe there may be upside vs. Street estimates for Facebook in the near-term due to privacy headwinds. The analyst made no change to his Outperform rating or $390 price target.

Loop Capital analyst Alan Gould keeps his Buy rating and $79 price target on Snap. The company continues to show the best revenue growth momentum in the Internet advertising sector with significant monetization upside to match other networks, the analyst tells investors in a research note. Gould adds that he expects Snap's core advertising business to remain a powerful driver for the near and medium term, and he is confident that at least two new surfaces for engagement will evolve into meaningful revenue opportunities over time.

The Subcommittee on Competition Policy, Antitrust & Consumer Rights holds a hearing entitled, "Big Data, Big Questions: Implications for Competition & Consumers" with Sheila Colclasure , Global Chief Digital Responsibility & Public Policy Officer at IPG Kinesso, Steve Satterfield, Vice President of Privacy & Public Policy at Facebook and Markham Erickson, Vice President of Government Affairs & Public Policy at Google on September 21 at 2:30 pm. Webcast Link

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