By Sam Boughedda — Snap Inc (NYSE:SNAP) shares slid 4.1% Monday ahead of its third-quarter earnings release.

In a week where earnings are starting to heat up, Snapchat will report its Q3 numbers on Thursday ahead of the opening bell.

Before today's fall, KeyBanc analyst Justin Patterson raised his price target on the stock. In a note to investors on Sunday evening, Patterson raised the firm's price target on Snap to $90 from $88, keeping an overweight rating on the shares ahead of the company's results.

The analyst said he expects positive estimate changes to continue due to the company's "unique position," with ad spend maintaining its increase along with the cost per impression.

A 50%-plus annual revenue growth "appears increasingly likely" for Snapchat, said Patterson.

In addition, the analyst believes Snap will provide Q4 revenue guidance above market expectations. It is currently at 47% year-over-year growth.

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