Reddit price target raised to $118 from $115 at Wells Fargo

Wells Fargo analyst Ken Gawrelski raised the firm’s price target on Reddit (RDDT) to $118 from $115 and keeps an Equal Weight rating on the shares. The firm says financial results should be in line to ahead of expectations, but the focus likely continues to be on the health of search referral traffic. Despite continued logged-out user volatility, Wells believes logged-in Daily Active Unique users must continue to grow for the stock to work.