Cantor Fitzgerald analyst Deepak Mathivanan initiated coverage of Snap with a Neutral rating and $8 price target. The firm says investing in Snap requires a “reasonable confidence” in the company improving its advertising business steadily, while navigating near-term market headwinds well, and delivering margin expansion over the next 12-18 months. This is a “tall order for a sub-scale business in digital media overshadowed by the Big Two,” the analyst tells investors in a research note.
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