Bernstein raised the firm’s price target on Reddit (RDDT) to $85 from $65 and keeps an Underperform rating on the shares following quarterly results. The firm says the clouds around Reddit have “quickly defogged into a real Dr. Jekyll and Mr. Hyde story.” Pre-IPO Reddit felt stuck unable to grow users or monetize the platform or viewed as real business – this is Mr. Hyde, Bernstein explains. But post-IPO Reddit looks like a company that’s suddenly an AI winner, growing ad revenues at an unprecedented clip, has a user growth cheat-code in translation + Google (GOOGL), and hitting years-long profitability targets in months – this Dr. Jekyll. And right now, Dr. Jekyll is in charge, says the firm.
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