Cannonball Research raised the firm’s price target on Reddit (RDDT) to $303 from $244 and keeps a Buy rating on the shares. The firm believes the company’s dynamic product ads will start contributing to growth in the mid- and lower-funnel. Cannonball says that if this proves correct and Reddit shows an additional source of ad revenue growth, the Street will get proof that the company’s monetization initiatives work and more growth exists.
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