TD Cowen analyst John Blackledge maintained a Hold rating on Snap and set a price target of $11.00, considering Snap's recent financial performance and future guidance.
Snap's second-quarter revenue saw a modest year-over-year increase, with declines in brand advertising offset by growth in direct response advertising. EBITDA surpassed expectations, but guidance for the third quarter was cautious.
Improvements in content engagement and direct response advertising tools position Snap well, but pricing challenges and lower guidance for brand spending impact the Hold rating decision.
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