Snap reported weak 3Q17 results vs. expectations, with revenues well below forecasts and an absence of confidence that the attributed source of under-performance (more programmatic sales than expected) is net positive to the business. With some downward adjustments to our financial model post these results, our new price target is $8 per share on a YE2017 basis vs. $9 previously, which continues to lead us to rate the stock Sell.
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