Reddit price target lowered to $200 from $210 at Loop Capital

Loop Capital lowered the firm’s price target on Reddit (RDDT) to $200 from $210 but keeps a Buy rating on the shares. The company’s Q2 y/y user growth is moderating due to challenging comps, but the firm is still projecting 80% 2-year stacked growth, similar to Q1, the analyst tells investors in a research note. Reddit’s medium- to long-term growth is expected from newer products such as improved search and dynamic product ads, monetization closer to the level of its peers, and increased data licensing revenue on contract renewals, the firm added.