BofA raised the firm’s price target on Reddit (RDDT) to $150 from $130 and keeps a Neutral rating on the shares ahead of the company’s quarterly report on July 31. The firm is “modestly” raising its estimates, citing constructive checks and improved ad demand since April. However, it cites tougher second half revenue comparisons, a valuation that likely factors revenue and margin upside, and data suggesting slowing user growth for its unchanged Neutral rating.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RDDT:
- Positive Outlook for Reddit Inc: Buy Rating with Increased Price Target Amid Strong User Growth and Revenue Projections
- Reddit price target raised to $175 from $150 at Raymond James
- Mixed options sentiment in Reddit Inc with shares up 2.55%
- Kohl’s stock up 33%, Locafy may be next Meme Stock, Forbes says
- Reddit price target raised to $165 from $145 at Needham