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Snap price target lowered to $10 from $13 at Canaccord

Canaccord analyst Maria Ripps lowered the firm’s price target on Snap (SNAP) to $10 from $13 and keeps a Hold rating on the shares. The firm lowered its ad budget estimates given macro uncertainty but favor smaller platforms that are trading at compelling valuations, set against near-term uncertainty but longer-term secular tailwinds.

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