Snap price target lowered to $11 from $13 at Credit Suisse

Credit Suisse analyst Stephen Ju lowered the firm’s price target on Snap to $11 from $13 and keeps an Outperform rating on the shares. Snap reported Q1 results, and while management did not provide formal guidance for Q2, internal expectations call for a ~6% y/y decline, below Street estimates, the analyst tells investors in a research note. The outlook is a function of the uncertain macro as well as headwinds from its DR platform optimization, Credit Suisse says.