Snap price target lowered to $8 from $10 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on Snap to $8 from $10 and keeps a Hold rating on the shares after its Q4 results and guidance. Quarter-to-date performance and Q1 outlook show that macro headwinds, targeting signal loss, and competition continue to weigh on Snap’s growth, the analyst tells investors in a research note. While the company’s cost-cutting measures should help it protect profitability and margins in 2023, efforts to re-accelerate growth and monetization, along with scaling of new offerings, will likely take time, the firm adds.