Snap downgraded to Sell from Hold at Stifel

Stifel downgraded Snap (SNAP) to Sell from Hold with a price target of $6.50, down from $8, as part of a broader research note previewing Q3 results in Digital Ads. Commentary from the firm’s recent advertising checks suggest Q3 growth trends generally improved vs. Q2, with September the strong point during the quarter, though tougher comps and continued tariff / macro uncertainty likely means Q4 guidance across the firm’s coverage won’t offer much to get excited about despite a generally supportive digital ads environment, the analyst tells investors in a research note. Stifel adds that for Snap, checks continue to grow more negative over time and risk skews increasingly to the downside.