Raymond James lowered the firm’s price target on Reddit (RDDT) to $200 from $250 and keeps a Strong Buy rating on the shares. The firm cites higher risk of a softer macro environment for the target cut but would be buyers of the shares on the recent pullback. The firm continues to see a long-term path to $50 average revenue per user for Reddit. The company’s “unexpected” daily active user miss in Q4 is “transitory,” the analyst tells investors in a research note. Raymond James thinks improving on-platform search could add up to $100M in revenue next year.
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