Rating: Buy
Price target: $30
Comment: "Last night, Snap reported 2Q:17 sales that handily beat our projections but fell slightly short of the Street estimates that we believe were simply too high. We are raising our estimates and maintaining our 12-month price of $30.00.
Snap continues to grow at a rapid pace, introduce new innovations and roll-out compelling content; however, the company's reluctance to provide guidance is driving the Street to make unachievable forecasts. This is turning strong quarterly performances into disappointments. Trading (based on after-market price) at an EV/revenue of 8.2x our CY:18 sales estimate, we
would be aggressive buyers on weakness this morning"