Snap price target raised to $13 from $12 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the firm’s price target on Snap (SNAP) to $13 from $12 and keeps a Neutral rating on the shares following quarterly results. The firm notes shares were up as revenue and EBITDA were both slightly above Street estimates. DR growth remains the bright spot +16% year-over-year, but brand spend decelerated more notably from Q1 2024 specifically across retail/tech, Piper adds. The margin picture remains mixed with COGS now pushing a $2.6BN run rate.