Snap price target raised to $13.50 from $13 at Citi

Citi raised the firm’s price target on Snap (SNAP) to $13.50 from $13 and keeps a Neutral rating on the shares. The company reported better than expected Q4 results and Q1 revenue guidance as its DR platform and newer ad units attracted incremental advertisers to the platform, the analyst tells investors in a research note. The firm is “encouraged” to see total time spent on Snap growing globally, driven by Spotlight, and that its Simple Snapchat redesign and rollout is progressing, albeit conservatively to not disrupt engagement growth. That said, Brand advertising continues to be challenged with revenue declining 1% year-over-year as Snap plans to invest in 2025, limiting margin expansion, adds Citi.