Reddit price target raised to $180 from $155 at Citizens JMP

Citizens JMP raised the firm’s price target on Reddit (RDDT) to $180 from $155 and keeps an Outperform rating on the shares. Despite slowing Daily Active Uniques in April, Reddit reported an “outstanding” beat and raise quarter, with revenue $22M above the high end of guidance as advertising revenue grew 61% year over year, while the company guided to 49% y/y revenue growth for Q2 on toughening comps, the analyst tells investors in a research note. Reddit has significant growth drivers that should help it regardless of the macro environment, Citizens says.