Snap Inc (NYSE:SNAP) shares are trading lower Tuesday after Credit Suisse cut its price target on the social media stock.
Credit Suisse analyst Stephen Ju maintained Snap with an Outperform rating and lowered the price target from $77 to $59, citing lower revenue and earnings expectations.
Ju noted that Snap has higher exposure to weaker consumer categories and minimal exposure to travel, which is where consumer spending has increased. The Credit Suisse analyst anticipates some of Snap's investor base moving to larger platforms amid the uncertain macro environment, driven by geopolitical tensions.
Related Link: Credit Suisse Slashed Snap's Price Target By 23.4%, Still Reiterated Outperform - Read Why
Last week, Snap filed a Form 8-K with the U.S. Securities and Exchange Commission showing it expects to miss its previously-issued guidance. The stock has trended lower since the filing was released.
SNAP Price Action: Snap has traded between $12.55 and $83.34 over a 52-week period.
The stock was down 6.94% at $14.50 at press time, according to data from Benzinga Pro.
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