Snap price target raised to $11 from $7 at Truist

Truist analyst Youssef Squali raised the firm’s price target on Snap to $11 from $7 but keeps a Hold rating on the shares. The company’s Q2 results topped expectations but its guidance missed on higher investment levels, the analyst tells investors in a research note. Snap continues to reposition itself for growth through investments in AI, user engagement and go-to-market, but while green shoots are emerging with Q2 seeing 20% growth in active advertisers, the company is also more vulnerable than larger ad platforms given its under-indexing to SMBs and its evolving first-party data/measurement solutions to offset signal loss.