Snap Inc. could be the odd man out in the realm of digital advertising when the company reports fiscal second-quarter results on Tuesday.
That is the consensus among some analysts who are bullish about an upturn in ad spending but aren’t sure that anyone not named Meta Platforms Inc. or Alphabet Inc. will benefit.That is the consensus among some analysts who are bullish about an upturn in ad spending but aren’t sure that anyone not named Meta Platforms Inc. or Alphabet Inc. will benefit.
UBS analyst Lloyd Walmsley increased his price target for Snap SNAP shares last week to $14 from $10 while maintaining a hold rating on the stock. Walmsley said that he does not project an “inflection” in second-quarter revenue and that the third-quarter outlook for small and medium-size businesses on Snap’s new artificial-intelligence platform is not significant enough to offset continued disruption from large advertisers or brand weakness.
Last week, Goldman Sachs analyst Eric Sheridan followed a similar path: He lifted his price target for Snap to $8 from $7 but stuck with a hold rating. Sheridan slightly lowered his medium-term revenue-growth estimates, citing execution risk around Snap’s rebuild of its direct-response business.What to expect Earnings: Analysts tracked by FactSet expect Snap to post a loss of 25 cents a share in adjusted earnings, down from a loss of 2 cents a share a year before.
Revenue: The FactSet consensus calls for $1.05 billion in second-quarter revenue, below the $1.11 billion in revenue that Snap posted a year before. Those contributing to Estimize expect $1.05 billion in revenue. Stock movement: Snap’s stock has gained 42% this year, lagging rival Meta META , which is up 142%, and Yelp Inc. YELP , which is up 51%, but besting Google parent Alphabet GOOG GOOGL , which is up 38% over the same span. The S&P 500 SPX is up 19% in 2023.
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