B. Riley lowered the firm’s price target on Reddit (RDDT) to $220 from $222 and keeps a Buy rating on the shares. The company reported solid Q1 results, topping Street expectations, and its Q2 outlook is well above consensus, showing continued strong momentum in the core advertising business despite bumpy Search referral traffic, the analyst tells investors in a research note. The firm believes Reddit remains in the early innings of revenue growth and margin expansion.
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