Snap (Buy, target decreases to $16 from $20) 10K Data Points & 4Q23 Model Update
We lower our target price from $20 to $16 owing to lower estimates, partially offset by a lower 10-year rate in our DCF. We also had a chance to review the 10K and include a summary of key data points, including declines in U.S. revenue and SNAP's advertising spend.Snap is a camera company. The company's primary product, Snapchat, is a camera application that helps people to communicate visually through short videos and images called Snaps. The company's products are: Camera, which includes tools for people to personalize their Snaps; Chat, which includes interacting with friends on Snapchat; Discover, which includes providing Stories and Shows from publishers, creators, and the community; Snap Map, which shows a live map of the user's location; Memories, which enables users to save the Snaps they create in a personal collection called Memories; and Spectacles, which includes creating Memories by using Spectacles, which are the company's sunglasses that make Snaps.
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