Cowen analyst John Blackledge downgraded Snap to Market Perform from Outperform with a price target of $45, down from $75. The analyst has near-term concerns around Apple’s iOS 14.5 changes impacting Snap’s measurement, targeting and attribution for direct response ad units. Further, the company faces difficult compares in the first half of 2022 and the stock’s valuation “remains elevated,” Blackledge tells investors in a research note. The analyst cites near-term headwinds for the downgrade to Neutral.
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