Reddit price target lowered to $240 from $250 at Citizens

Citizens analyst Andrew Boone lowered the firm’s price target on Reddit (RDDT) to $240 from $250 and keeps an Outperform rating on the shares. Reddit delivered a strong beat driven by 70%+ ad revenue growth and margin outperformance, though questions remain about the sustainability of advertising growth given modest U.S. user expansion despite stronger international gains, the analyst tells investors in a research note.