Snap price target lowered to $11 from $13 at Stifel

Stifel analyst Mark Kelley lowered the firm’s price target on Snap to $11 from $13 and keeps a Hold rating on the shares. The analyst tells investors in a Q3 preview for the digital advertising group that the firm’s checks suggest accelerating growth was seen in Q3 ahead of agency initial forecasts, which it expects to carry into Q4 with the U.S. election advertising environment ramping and “a fairly robust holiday season.”