Needham analyst Laura Martin raised the firm’s price target on Reddit (RDDT) to $145 from $135 and keeps a Buy rating on the shares. The company reported very strong Q1 results with 61% revenue growth, data licensing revenue up 56%, and ARPU up 23% y/y, the analyst tells investors in a research note. Ad vertical strength came from pharma, retail, auto, and finance, and for the first time, Reddit cited CPMs and ad pricing as a tailwind, owing to more valuable impressions and higher conversion rates, Needham added.
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