- Cowen lowers its Snap (NYSE:SNAP) price target from $10 to $9, a 36% downside to yesterday’s close.
- Analyst John Blackledge cites a survey showing slightly lower DAUs and advertising ARPU.
- The survey of 2.5K US consumers over the age of 18 suggests users spent about 33 minutes/day in the app, down 7% Y/Y in Q2 through the end of May.
- Blackledge forecasts Q2 end-of-period DAUs of 194M, down 2M.
- Source: Bloomberg First Word.
- Snap shares are down 2.4% premarket to $13.72.