Snap price target lowered to $10 from $13 at Stifel

Stifel analyst Mark Kelley lowered the firm’s price target on Snap to $10 from $13 and keeps a Hold rating on the shares. Snap posted “a modest beat” in Q2, but its outlook was weaker, particularly against expectations that the firm believes were “creeping up into the print,” the analyst tells investors. While management having offered official guidance for the first time since early 2022 “offers some comfort that perhaps things are stabilizing,” the firm remains on the sidelines for now.