Reddit price target raised to $90 from $80 at Loop Capital

Loop Capital raised the firm’s price target on Reddit (RDDT) to $90 from $80 and keeps a Buy rating on the shares. The company’s advertising business should benefit from new products such as dynamic product ads as well as its recent deal with major sports leagues including the NFL and new surfaces such as the conversations page, the analyst tells investors in a research note. Reddit may also strike deals with other large language model companies beyond the already announced Google (GOOG) and Open AI deals, the firm added.