Reddit price target raised to $160 from $118 at JMP Securities

JMP Securities raised the firm’s price target on Reddit (RDDT) to $160 from $118 and keeps an Outperform rating on the shares. The firm came away from its 2024 San Francisco Internet Bus Tour believing the macro is stable, and tells investors in a research note that Reddit has multiple product catalysts near-term, including greater personalization of the service, international ramping with both better local content and machine translation, search improvements, and better advertising and measurement tools.