Roth Capital raised the firm’s price target on Reddit (RDDT) to $130 from $120 and keeps a Neutral rating on the shares. The company delivered an emphatic Q1 beat and above-consensus Q2 guidance, the analyst tells investors in a research note. The management noted user growth decelerated in April to “high-teens”, implying another impact from the Google Algo change, though Reddit is putting up premium fundamentals vs. the mid-cap advertising peer group, Roth adds.
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