Snap price target raised to $10 from $9.50 at BofA

BofA analyst Justin Post raised the firm’s price target on Snap (SNAP) to $10 from $9.50 and keeps a Neutral rating on the shares. While “encouraged” by Snap’s “steady progress” in diversifying its revenue base and the significant new revenue contribution from its Perplexity deal, the firm notes that advertising still represents over 80% of total revenue and says growth rates reflect both “intensifying competition and sluggish usage trends.”