Piper Sandler analyst Thomas Champion raised the firm’s price target on Reddit (RDDT) to $197 from $150 and keeps an Overweight rating on the shares. The firm notes PSC Ads Manager data has been positive and suggests low-single-digit month-over-month user growth and flat-down CPCs. This implies users and new inventory are growing, both positives and monetization should follow. Product enhancements like Search and Answers look enticing, Piper argues, adding that guidance looks conservative.
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