In this clip from The Call @ Hedgeye, Communications analyst Andrew Freedman updates on the deceleration in the Communications space, while noting recent moves from his latest short ideas, Snap Inc. (SNAP) and Pinterest (PINS).

“I think we are going to be in this decel mode at least through Q2 of next year,” emphasizes Freedman. “We were prepared for this given our expectation for a slowdown in advertising spending and digital engagement.”

“We are still short Snapchat (SNAP) and Pinterest (PINS), although I think Snapchat is the better short of the two from here. Estimates are still too high and it trades at 13 times 2022 sales and I think we can probably get back to $35-$40 dollars a share, a 20-30% downside in the next three months or so.”

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