Morgan Stanley analyst Brian Nowak raised the firm’s price target on Reddit (RDDT) to $230 from $170 and keeps an Overweight rating on the shares. Citing improvements in ad onboarding, new ad formats and a scaling salesforce, the firm sees a “long runway for growth” and raised its FY25 and FY26 revenue estimates by 12% and 22%, respectively, following the company’s Q2 report.
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:
- Reddit Inc’s Robust Financial Growth and Strong Future Outlook Earns Buy Rating from Laura Martin
- Reddit price target raised to $180 from $150 at BofA
- Reddit Inc’s Robust Revenue Growth and Innovation Drive Brian Nowak’s Buy Rating
- Reddit price target raised to $225 from $180 at Citizens JMP
- Reddit Stock (RDDT) Is Up 41%, Technical Indicators Still Suggest “Strong Buy”