Snap price target lowered to $12 from $13 at BMO Capital

BMO Capital lowered the firm’s price target on Snap (SNAP) to $12 from $13 and keeps an Outperform rating on the shares. The company’s Q2 results were mixed, as revenue and EBITDA missed the Street estimates, partially impacted by a change allowing ad campaigns to clear auctions at substantially lower prices and de minimis change impacts, the analyst tells investors in a research note. Snap’s Spotlight continues to scale however, as monthly active users grew 23% y/y to 550M, BMO added.