![]() ![]() ![]() ![]() What To Watch Forįacebook parent Meta will report its own quarterly earnings Wednesday afternoon, and Bank of America analysts called Snap’s results a “small negative read” for Meta as the digital advertising spends slip. UBS analysts led by Arpine Kocharyan maintained an $8 price target for Peloton on Wednesday, indicating nearly 50% downside. The at-home fitness stock is up more than 100% from its 2022 low of $6.66, though still down about 90% from its January 2021 high of nearly $170. Peloton shares climbed 27% after the company reported narrowing quarterly losses and its CEO Barry McCarthy promised the company’s “epic comeback” story is well underway. It was a far different story Wednesday for Peloton, another young company whose stock soared early in the pandemic only to come crashing down to earth. Simultaneously stumbling is the net worth of Snap’s billionaire cofounder and CEO Evan Spiegel, shedding $199 million Wednesday to $2.7 billion, far less than Spiegel’s $11 billion fortune in 2021. That’s how much market capitalization Snap has shed since its valuation peaked at $131 billion in September 2021. Both TikTok and Snapchat distribute short-form content targeted toward smartphones, with TikTok’s recent emergence eating into Snapchat’s market share. Contraīank of America outlined one potential upside for Snap’s stock: Should legislation for a nationwide ban on its top competitor TikTok move forward. The latest earnings report was “broadly negative,” according to Goldman, downgrading its price target for Snap from $10 to $8, testing its four-year low of $7.76. Snap is a “show me story” as it looks to distinguish itself from its deeper-pocketed competitors, Goldman Sachs analysts led by Eric Sheridan wrote in a Wednesday note to clients. ![]()
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