Reddit price target raised to $158 from $150 at Citi

Citi raised the firm’s price target on Reddit (RDDT) to $158 from $150 and keeps a Buy rating on the shares. The company reported better than expected Q1 results, with ad revenue growth accelerating to 61% year-over-year, 70% operating leverage and 29% EBITDA margins, the analyst tells investors in a research note. The firm says engagement gains and newer products like Reddit Answers are attracting incremental users. Citi believes there are several potential catalysts for Reddit to deliver continued user and revenue growth.