Truist initiated coverage of Reddit (RDDT) with a Buy rating and $150 price target The company is one of the fastest growing social media platforms and one that’s aggressively gaining share of the digital ad market while also showing material margin leverage, driving profitability with more room to grow given lower monetization relative to peers, the analyst tells investors in a research note. Reddit is also offering a differentiated product to users and advertisers with strong product market fit, which is reflected in solid daily active user growth and growing engagement, Truist adds.
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