BMO Raises Snap’s Target After 1,000-Job Cut: Is the Restructuring Finally the Catalyst Bulls Have Been Waiting For?
Snap (NYSE:SNAP) stock is getting fresh analyst attention after BMO Capital analyst Brian Pitz raised his price target to $15 from $13, keeping an Outperform rating on the shares. The catalyst: Snap's announcement of a restructuring impacting 16% of its headcount, or roughly 1,000 jobs, expected to save $500 million annually. For long-term investors, the move signals Wall Street is starting to believe Snap's cost discipline story is real. READ: The analyst who called NVIDIA in 2010 just named his top 10 AI ...