Reddit price target raised to $60 from $57 at BofA

BofA raised the firm’s price target on Reddit to $60 from $57 and keeps a Neutral rating on the shares following a “solid” Q2 beat with product execution driving user growth and issuance of a Q3 revenue outlook above the Street forecast. Given historical Q3 sequential growth and momentum in the ad business, the firm believes the company’s revenue guidance is “likely conservative,” but also that Q3 will “likely be peak growth” with deceleration likely on tougher second half Google traffic comps.