Reddit downgraded to Neutral from Buy at Roth MKM

Roth MKM downgraded Reddit (RDDT) to Neutral from Buy with a price target of $195, up from $116. The firm is raising its estimates and target, but notes that since going public in March of last year at a $34 IPO price, Reddit shares have gone up about 450%. Given the rise in the share price, the firm believes the near-term risk/reward is fairly balanced at current levels.