Snap price target lowered to $13 from $16 at BMO Capital

BMO Capital lowered the firm’s price target on Snap (SNAP) to $13 from $16 but keeps an Outperform rating on the shares after its disappointing Q1 results and lack of Q2 guidance. The firm further cites sequential decline in Q1 North America U.S. DAUs – daily active users – but that said, active advertiser growth of 60% year-over-year resulted in Direct Response Ad growth of 14%, which was impressive given the much tougher comparisons, the analyst tells investors in a research note.