UBS downgrades Twitter for dumping political ads, upgrades Snap

Snapchat, Facebook, Twitter, Messenger, Instagram and LinkedIn apps shown on a smartphone screen.
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UBS is bullish on Snap's advertising business and bearish on Twitter's, citing the social media company decision to ditch political ads in an election year.

The firm downgraded shares of Twitter to neutral from buy and lowered its price target to $35 per share from $37. UBS upgraded shares of Snap to buy from neutral and hiked its price target to $24 per share from $16.