By Denny JacobSnap 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.

Source: Wall Street Journal January 14, 2022 00:45 UTC