Reddit price target raised to $185 from $142 at JPMorgan

JPMorgan raised the firm’s price target on Reddit (RDDT) to $185 from $142 and keeps a Neutral rating on the shares post the Q4 report. The shares traded down 13% post-close, driven by slower than expected daily active user growth and a slightly softer than expected Q1 revenue outlook, albeit against high expectations, the analyst tells investors in a research note. The firm says Reddit’s search traffic headwinds did not impact logged in user growth or Q4 revenue, and that the company believes search traffic has recovered in Q1.