Snap price target lowered to $11 from $12 at Canaccord

Canaccord analyst Maria Ripps lowered the firm’s price target on Snap to $11 from $12 and keeps a Hold rating on the shares. The analyst said they reported mixed Q4 results, with both DAU and revenue in line with the company’s outlook while profitability came in above expectations. Canaccord said while valuation is becoming increasingly reasonable, the macro backdrop, greatly reduced visibility, and ongoing platform adjustments keep us on the sidelines.