Snap price target raised to $16 from $14 at Loop Capital

Loop Capital analyst Rob Sanderson raised the firm’s price target on Snap (SNAP) to $16 from $14 and keeps a Buy rating on the shares. The recovery in Snap’s performance advertising business continues to make progress but has taken longer than expected and brand advertising remains weak, the analyst tells investors in a research note. Snap’s Mobile gaming and other app-based advertisers are also set to provide another leg to the recovery in Direct Response. which continues to progress, the firm added.