Snap price target raised to $7 from $6 at Citi

Citi raised the firm’s price target on Snap (SNAP) to $7 from $6 and keeps a Neutral rating on the shares after the company pre-announced Q1 revenue and EBITDA above expectations, updated its FY26 cost structure and announced a 16% reduction in force. The firm, which is “encouraged” with the preliminary Q1 results and plan to improve operating expenses, says the job cuts should accelerate Snap’s path to net income profitability.