Snap Inc (NYSE:SNAP) shares are trading lower by 6% at $30.20 Monday morning after Wedbush downgraded the stock from Outperform to Neutral and announced a $36 price target.
Wedbush says they are downgrading SNAP shares to Neutral from Outperform as they see risk to Snap’s revenue growth targets stemming from Identifier for Advertisers (IDFA) headwinds. Wedbush added that difficult comps from stellar growth in 2020-21, and increasing competition from TikTok in particular, contributed to the downgrade.
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Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.
Snap has a 52-week high of $83.34 and a 52-week low of $32.00.
