Snap price target raised to $10 from $9 at Bernstein

Bernstein raised the firm’s price target on Snap (SNAP) to $10 from $9 and keeps a Market Perform rating on the shares. Despite a turbulent start to the quarter, and frankly the year, it’s now suddenly hard to find “obvious” shorts across the Internet sector and into Q2 earnings season. Digital ads are no exception with mostly solid checks across the broad against a lowered yet quickly rising expectation bar, Bernstein adds. The firm notes that Q2 looks solid, despite a turbulent start. Unsurprisingly, the pockets of weakness in Q2 were from China-based retailers exposed to tariff changes, it points out.