snap shares surged wednesday outpacing gains in the broader tech sector a day ahead of the company’s secondquarter earnings report the stock shot up 87 in midday trading while the nasdaq composite comp gained 16 and the sp 500 spx was up 07 snap is scheduled to report secondquarter results after thursday’s closing bell snap inc snap shares are down 675 this year compared to nasdaq composite’s 24 fall and the sp 500’s decline of 169 over the same period on may 23 snap said it will likely miss quarterly estimates citing an economy that has “deteriorated further and faster than anticipated” the news sent shares of snap and other tech companies dependent on advertising such as alphabet inc googl and meta platforms inc meta  tumbling all eyes are now on snap’s secondquarter results the factset consensus calls for a loss of 20 cents a share wider than the loss of 10 cents a share in the same period a year ago with sales rising to 114 billion from 9821 million see now snap stock falls 30 after snapchat parent says it will miss estimates due to deteriorating economy in a note tuesday mkm partners analyst rohit kulkarni discussed the possibility of a relief rally following snap’s results “the street’s 3q model reset feels reasonable and we expect snap to provide a conservative outlook likely bracketing street revenue and ebitda earnings before interest taxes depreciation and amortization at the highend 12bn75mn” he wrote “such an outcome could spark a relief rally in our view as snap shares are trading very close to alltime lows” despite the possibility of market uncertainty lingering through yearend snap remains a “resilient asset” according to kulkarni “we are constructive on snap shares as we think about 2023 given productinnovationuser growth track record and continue to see arpu growth opportunity along with a sharp recovery in the online ad market following a consumer recession” he wrote mkm partners has a buy rating and a 26 price target for snap earlier this week credit suisse lowered its snap target to 45 from 59 amid concern about rotating advertising budgets and economic headwinds see now snap stock price target cut by credit suisse as advertising budgets rotate credit suisse’s price target cut echoes concerns from analysts about the impact of a slowing economy on digital advertising snap which describes itself as a camera company had 332 million daily active users as of the quarter ending march 31 2022 an increase of 18 on the prior year’s quarter of 41 analysts surveyed by factset 30 have an overweight or buy rating 10 have a hold rating and one has a sell rating the current average stock price target of 2364 is down sharply from 5459 at the end of march