Canaccord lowered the firm’s price target on Snap (SNAP) to $9 from $10 and keeps a Hold rating on the shares. The firm said Snap’s Q1 results were solid relative to expectations, with MAUs eclipsing 900M for the first time, total revenue coming in modestly above consensus, and profitability solidly above guidance. Given macro-related uncertainty, Snap did not provide formal Q2 financial guidance, with management noting that it has seen headwinds to start the quarter as the cohort of advertisers impacted by changes to the de minimis exemption have curtailed spend.
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