Snap price target lowered to $9 from $11 at Guggenheim

Guggenheim lowered the firm’s price target on Snap (SNAP) to $9 from $11 and keeps a Neutral rating on the shares. Results beat on most metrics in Q1, but slowing revenue growth to start the quarter and macroeconomic uncertainty drove management’s decision not to provide formal revenue guidance for Q2, notes the analyst, who remains cautious given both the near-term economic uncertainty and the challenging path to the revenue and profit growth needed to support an expanded valuation.