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)

Copyright (c) 2022 Dow Jones & Company, Inc.
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