Stifel sees adoptions of Snap’s SPECS limited in the near-term

Stifel reiterated a Hold rating on Snap (SNAP) after CEO Evan Spiegel gave a presentation at Augmented World Expo, featuring a handful of new announcements around Lens Studio and the developer ecosystem, as well as a look at the upcoming launch of the SPECS AR glasses. The firm believes the keynote demonstrated the scale of Snap’s developer ecosystem, and while the upcoming launch of SPECS reflects a material step forward in expanding the non-app business, the firm believes the relatively premium price point likely keeps adoption limited in the near-term. Stifel added that, given the likely small base, it would not expect growth in SPECS to be a meaningful contributor to a top-line re-acceleration in the near-term, and remains cautious given ongoing headwinds.

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