Wells Fargo raised the firm’s price target on Reddit (RDDT) to $168 from $158 and keeps an Overweight rating on the shares. The firm notes that ads growth was well ahead. Wells also highlights no deceleration from Q4 to Q1, and Q2 guide also meaningfully above fears with HE guide clearing expectations bar by 10pts. Recurring concern on daily average users growth with disclosure of April users flattish vs. Q1 average likely to limit positive reaction.
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