Wells Fargo raised the firm’s price target on Snap (SNAP) to $8 from $7 and keeps an Equal Weight rating on the shares. The firm is largely maintaining 2025 estimates on still underwhelming ad trends and solid subscription revenues. 2026 EBITDA rises on CEO citing opportunity to improve gross margins, Wells argues. The firm believes 12-month view requires constructive call on Spectacles launch in 2026 and can’t get there now.
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