Snap Inc. (SNAP, Buy, lowering target to $16 from $18) 2Q24 Model Update
Our target decreases to $16 from $18 on lower estimates. Investment Thesis: SNAP continues to grow its advertiser base significantly and improve its direct response advertising toolset, which are the most important variables to building a healthy digital ad business over the long-term. Brand softness is inline with commentary from other companies, and barring the beginning of an outright recession, it should recover going into holiday season. New announcements at SNAP’s Partner Summit on September 17 could be a catalyst for shares to begin recovery.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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