Seaport Research initiated coverage of Reddit (RDDT) with a Neutral rating and no price target The firm sees shares discounting continued revenue strength and upside to consensus estimates so it believes shares are fairly valued at current levels. While neutral on valuation, the firm is “positive on long-term fundamentals” given its view that Reddit has evolved to become one of the internet’s largest user destinations and it expects continued user growth momentum. The firm also believes Reddit is an attractive platform for advertisers with a significant monetization opportunity ahead, the analyst added.
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