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.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SNAP:
- AI Daily: OpenAI said to be working on X-like social network
- YouTube to be exempt from Australia social media ban, Bloomberg reports
- Meta’s Zuckerberg Weighed Instagram Spinoff, Fearing High-Profile Antitrust Trial
- Meta Platforms (META) Can Withstand an Advertising Slowdown, Says Citigroup
- OpenAI working on X-like social network, Verge reports