Reddit price target raised to $118 from $84 at JMP Securities

JMP Securities raised the firm’s price target on Reddit (RDDT) to $118 from $84 and keeps an Outperform rating on the shares. Reddit reported a beat and raise quarter, with advertising revenue growth accelerating 14 points to 55% year over year, and the company flipped to being GAAP profitable, the analyst tells investors in a research note. The firm believes outperformance can continue with catalysts in machine translation supporting international growth and advertising monetization still remaining early.