Piper Sandler raised the firm’s price target on Reddit (RDDT) to $115 from $70 and keeps an Overweight rating on the shares. The firm notes Reddit delivered another quarter of strong results, with revenues 12% above its expectation, and EBITDA margins +9% better. Revenue strength was driven by the U.S., while data licensing continues to scale. Guidance was strong and Piper’s estimates rise materially post-print again.
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