New Street starts Snap initiated with ‘out-of-consensus’ Buy rating

As previously reported, New Street analyst Dan Salmon initiated coverage of Snap with an "out-of-consensus" Buy rating and $12 price target. Falling U.S. engagement is the key risk, but he thinks revenue growth can rebound more than the Street expects in 2023 as new ad product gains traction, Salmon tells investors. He also expects profitability and margin expansion to be "re-invigorated."