Reddit price target raised to $120 from $90 at Loop Capital

Loop Capital raised the firm’s price target on Reddit (RDDT) to $120 from $90 and keeps a Buy rating on the shares. Reddit reported an even larger upside to its beat and raise this quarter than its first full quarter as a public company and surprisingly, was GAAP earnings positive in the period, with the upside that was driven by the 56% gain in advertising, the analyst tells investors in a research note. Reddit is still in the early innings of driving user growth and expanding monetization, the firm added.