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.
SNAP: Weak 3Q17 Vs. Expectations, New $8 Price Target -- Pivotal Research
![SNAP: Weak 3Q17 Vs. Expectations, New $8 Price Target -- Pivotal Research](/media/articles/Wall_Street_analysts-iStock_000018600766Small_5ndLd0X.jpg.550x380_q85_box-11%2C0%2C829%2C569_crop.jpg.webp)