Snap price target lowered to $10 from $12 at B. Riley

B. Riley lowered the firm’s price target on Snap (SNAP) to $10 from $12 and keeps a Neutral rating on the shares. The company’s Q1 results were modestly ahead of consensus, but increased macro uncertainty, the negative impact of tariffs, and the elimination of de minimis on some marketers appear to have had an adverse impact on advertising spending on the platform, the analyst tells investors in a research note. The firm views Snap’s progress on platform initiatives positively, but given the near-term headwinds, it finds the stock’s risk/reward as balanced.