Snap sentiment remains negative, says Roth MKM

Roth MKM keeps a Neutral rating and an $11 price target on Snap ahead of its Q1 results on Thursday. The company has demonstrated progress in AR initiatives and maintained steady user growth, but sentiment toward the stock remains negative due to unclear traction with Direct Response, Spotlight monetization and ongoing engagement mix-shift away from high Average Revenue Per User surfaces such as Stories, the analyst tells investors in a research note.