Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Snap (SNAP) to $8 from $10 and keeps an Equal Weight rating on the shares following quarterly results. The firm notes business mix is shifting to more subscription, a positive as ads have been an inconsistent driver, but the newfound licensing revenue stream is now in question. Wells believes Snap is taking the appropriate steps to improve core profitability. All eyes on Specs launch in 2026.
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