Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Reddit (RDDT) to $158 from $215 and keeps an Overweight rating on the shares. The firm expects Q1 U.S. Daily Active Uniques net add beat to calm some fears post a rocky Q4 engagement period. Wells is cutting forward ad estimates as Reddit still skews more heavily to brand advertising vs. peers, a segment where it anticipates pressure.
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