BofA analyst Justin Post raised the firm’s price target on Reddit (RDDT) to $130 from $110 and keeps a Neutral rating on the shares. While “encouraged” by Reddit’s strong Q2 outlook, which the firm sees suggesting revenue progress made in 2024 is “sustainable,” it reiterates a Neutral rating given Google (GOOGL) traffic uncertainty as it is increasingly featuring Al results as well as a premium valuation that it sees already reflecting growth and margin upside.
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