Snap price target lowered to $10 from $11 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on Snap (SNAP) to $10 from $11 and keeps a Hold rating on the shares. The company’s Q2 results were in line with Street expectations on the top line and slightly below on the bottom line, reflecting a slowdown in Direct Response growth, offset by strength in Snapchat+ and a slight improvement in Brand, all against a backdrop of an evolving product portfolio, the analyst tells investors in a research note. The firm adds however that the 9% Q3 growth outlook sees Snap as a “share giver” to Meta (META), Alphabet (GOOGL) and Reddit (RDDT).