Snap price target raised to $9 from $8 at Cantor Fitzgerald

Cantor Fitzgerald analyst Deepak Mathivanan raised the firm’s price target on Snap (SNAP) to $9 from $8 and keeps a Neutral rating on the shares. Snap reported in-line Q3 revenue and better than expected adjusted EBITDA, with upside coming from better cost management, the analyst tells investors in a research note. However, the company’s revenue growth trajectory remains pressured by headwinds in the brand business, despite stable growth in direct response, which is likely to persist in the near-term until ad spend from large advertisers on the platform improves, the firm says.