JPMorgan lowered the firm’s price target on Snap to $11 from $13 and keeps an Underweight rating on the shares. Snap’s Q2 results fell short of expectations as certain consumer discretionary verticals pulled back brand spending, with trends persisting into Q3, the analyst tells investors in a research note. The firm believes Snap’s 30% of advertising revenue that is brand spending could remain volatile, and looks for greater confidence in the company’s ability to drive more consistent spending.
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