Reddit price target raised to $116 from $89 at Roth MKM

Roth MKM analyst Rohit Kulkarni raised the firm’s price target on Reddit (RDDT) to $116 from $89 and keeps a Buy rating on the shares. The company delivered an “emphatic” beat-and-raise earnings report with upside to the firm’s recently raised above-Street estimates, while its accelerating ARPU – average revenue per user, sustained user growth, and the first full quarter benefit of Google/OpenAI data licensing deals, along with its disciplined expense management, led to “premium rare-air fundamentals”, the analyst tells investors in a research note.