Snap price target lowered to $8 from $9 at Citi

Citi lowered the firm’s price target on Snap (SNAP) to $8 from $9 and keeps a Neutral rating on the shares. The firm says more limited advertising visibility in April and going forward overshadowed Snap’s Q1 results that were broadly positive. Snap’s advertising headwinds began in mid-March and given tougher April compares followed by the pending change to the deminimis rule and tariffs, macro uncertainty kept management from issuing Q2 revenue guidance, the analyst tells investors in a research note. Citi believes the shares are likely range bound.