Reddit upgraded to Market Perform from Underperform at Bernstein

Bernstein analyst Mark Shmulik upgraded Reddit (RDDT) to Market Perform from Underperform with a price target of $130, up from $110, following the Q1 report. The firm cites the company’s “strong execution” for the upgrade. “In an unnerved market, Reddit is quietly going about their business, too small to be heavily exposed to macro swings while broadening out their advertiser base,” the analyst tells investors in a research note. Bernstein believes Reddit can execute its way into sustained positive growth.