Benzinga | Oct 22, 2021 07:40AM EDT

Analysts Lower Price Targets On Snap After Q3 Performance

* Analysts lowered their target prices on Snap Inc (NYSE:SNAP) following Q3 quarterly results, which warned about Apple's privacy changes which disrupted business due to changes to iOS ad tracking.

* Keybanc analyst Justin Patterson maintained an Overweight and lowered the PT from $90 to $85, implying a 13.2% upside.

* Piper Sandler analyst Thomas Champion lowered the PT to $75 from $85, implying priced at the current level, and reiterated an Overweight rating on the shares.

* The shares dropped 21% after the company Q3 revenue growth of 57% year-over-year, missing the consensus estimate of up 62%, Champion notes.

* He points out that management spoke to two key factors driving the result: Apple Inc (NASDAQ:AAPL), Apple App Tracking Transparency changes, and macroeconomic factors.

* The analyst sees Apple's ATT changes as an "industry-wide, temporary phenomenon" and still likes Snap's user growth momentum and "array of long-term monetization opportunities."

* Price Action: SNAP shares traded lower by 19.9% at $60.13 in the premarket session on the last check Friday.

* Photo by Souvik Banerjee from Pixabay