Snap Tumbles Nearly 7% Following Cowen Price Cut
13 Januar 2022 - 07:45PM
Dow Jones News
By Denny Jacob
Snap Inc. shares are down nearly 7% after Cowen & Co. cut
its price target for the multimedia instant-messaging app company
to $45 from $75. It was also cut to market perform from
outperform.
Shares in Snap have fallen in recent months after rising for
most of the Covid-19 pandemic. The rise was fueled by the company's
push into areas like wearable technology and sizeable user growth.
But recent privacy measures enacted by Apple Inc., as well as a
broader selloff in tech stocks as central banks have signaled they
will raise interest rates next year to curb inflation, have put a
damper on Snap's stock performance.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 13, 2022 13:29 ET (18:29 GMT)
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