BMO Capital lowered the firm’s price target on Snap (SNAP) to $16 from $18 and keeps a Market Perform rating on the shares. Competition for Snap “remains intense” with Instagram, YouTube, and TikTok, which prompts BMO to lower estimates, the analyst tells investors in a research note. The firm says its channel checks indicate that Snap advertising spending growth “remains modest.” However, advertiser adoption for Sponsored Snaps is gaining momentum, which creates a positive setup for 2025, contends BMO.
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