Snap Inc. (SNAP) shares are experiencing an uptick today following the recent legislative developments in Australia. The Australian government has passed a law banning children under 16 from accessing social media platforms, including Snapchat. This move is seen as a potential opportunity for Snap to enhance its platform's safety features and appeal to a broader audience, possibly leading to increased user engagement and advertiser interest. Additionally, Citi's decision to raise Snap's price target from $11 to $13, citing global growth in watch time and a doubling of advertisers in Q3, has further bolstered investor sentiment.
Snap Inc. shares are currently trading at $11.96, reflecting a 3.01% increase from the previous close of $11.61 and a 2.22% rise from the opening price of $11.70.