Snap price target lowered to $7 from $8 at Cantor Fitzgerald

Cantor Fitzgerald analyst Deepak Mathivanan lowered the firm’s price target on Snap (SNAP) to $7 from $8 and keeps a Neutral rating on the shares. Snap’s Q1 revenues and EBITDA were above the company’s prior guidance, driven by an acceleration in North America, the analyst tells investors in a research note. While it is reassuring that the company saw revenue growth in early April, visibility remains minimal, and Cantor’s confidence in the outlook for the second half of the year is low.