Evercore ISI initiated coverage of Reddit (RDDT) with an Outperform rating and $320 price target The firm views valuation as very robust but reasonable, given its outlook for three-year revenue CAGR of 30%-40% and EBITDA CAGR of 40%-50%. While the stock has performed well, the firm still sees significant opportunity for Reddit to gap up its average revenue per user, based on industry comps, recent product launches, and feedback from ad checks.
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