SNAP is trading at $4.96 (-3.50%) as Morgan Stanley lowered its price target to $6.50 from $9.50, citing uncertainty regarding Perplexity revenue timing.
- The downgrade follows recent price target cuts from Piper Sandler and Truist, which continue to weigh on investor sentiment.
- Shares are also pressured by a broader market selloff, with the S&P 500 and NASDAQ down over 1% following a 15% global tariff order.