Citizens JMP raised the firm’s price target on Reddit (RDDT) to $225 from $180 and keeps an Outperform rating on the shares. Reddit reported an “outstanding” beat-and-raise quarter as revenue and EBITDA respectively came in $70M and $37M above the high end of guidance, while advertising revenue growth accelerated to 84% year over year, the analyst tells investors in a research note. While Reddit’s “hyper” growth in 2024 is seemingly behind the company, it has a significant opportunity to expand its user base, the firm says.
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