Bernstein lowered the firm’s price target on Reddit (RDDT) to $190 from $210 and keeps a Market Perform rating on the shares following quarterly results. The firm notes that “curiously missing” from the strong ad commentary on the earnings call, were updates on the roadmap for the data licensing deals highlighted towards the end of last year. Management re-iterated their belief on the criticality of authentic Reddit data in the AI slop world, and suggested a change in framing from licensing deals to partnerships as they define how to participate in new journeys.
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