** Shares of Snap SNAP.N drop ~8% to $10.63 on Wed as the social media firm's quarterly revenue was roughly in line with analyst estimate despite earnings beating estimates
** SNAP scored its biggest daily pct drop since August last year
** SNAP reported on Tues rev rose 14.4% to $1.56 billion from a year ago; analysts expected $1.55 billion. Adj EPS was 16 cents vs 14 analyst estimate
** Among the 43 analysts that cover SNAP, avg rating is "hold" and median PT is $13, unchanged from Nov. The breakdown of recommendations are 9 "strong buy" or "buy," 31 "hold" and 3 "sell" or "strong sell", per LSEG data
** JPMorgan analysts cut their PT on SNAP to $10 from $11; Wells Fargo analyst also slashed their PT to $11 from $15
** Other analysts, however, including from Citigroup and Truist and Bank of American had raised their PT on SNAP
** With today's move, SNAP is down ~1%
(Reporting by Chibuike Oguh in New York)
((Chibuike.Oguh@thomsonreuters.com; +332-219-1834; Reuters Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))
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