Morgan Stanley upgraded Reddit (RDDT) to Overweight from Equal Weight with a price target of $200, up from $70. The firm thinks it’s still early for Reddit’s platform as it expects its engagement and advertising pipelines to drive industry leading user, time spent and ad revenue growth. Looking ahead, it sees user and time spent per user growing, ad pricing rising and upside to ad load as well. Morgan Stanley also points out that its new price target has 23% upside, but $300 bull case has about 85% upside.
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