Stifel upgraded Snap (SNAP) to Hold from Sell with an unchanged price target of $5.50. The firm cites valuation for the upgrade with the shares down 37% year-to-date. Snap’s risk/reward profile is more balanced at current share levels, the analyst tells investors in a research note. Stifel believes the company’s declining North America user base, “lackluster” advertising growth, and lack of clarity on the Perplexity deal are likely priced into shares.
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