Snap price target raised to $13 from $12 at UBS

UBS raised the firm’s price target on Snap (SNAP) to $13 from $12 and keeps a Neutral rating on the shares. Snap’s Q3 revenue was in-line and Q4 guidance was also in-line at the high end, the analyst tells investors in a research note. The key focus area was the growth in direct response revenue given what the firm believed was minimal sequential growth in the 2Q24 results, and as Snap disclosed that the number of advertisers had more than doubled, the conclusion is that it is primarily winning over smaller marketers while persuading larger marketers to do the same may take some time, UBS says.