Reddit initiated with a Buy at DA Davidson

DA Davidson initiated coverage of Reddit (RDDT) with a Buy rating and $200 price target citing a belief that Reddit remains “incredibly under-monetized relative to peers.” The “human-first social platform” should continue to attract more users and advertisers as it scales, which should support more favorable contract renewals with the leading LLMs, a broader base of advertisers, and further operating leverage, the analyst tells investors.