Reddit price target raised to $154 from $140 at Morgan Stanley

Morgan Stanley analyst Brian Nowak raised the firm’s price target on Reddit (RDDT) to $154 from $140 and keeps an Overweight rating on the shares. Ad execution and EBITDA flow through “remain impressive,” but accelerating Google (GOOGL) GenAI search changes are causing U.S. daily active users to fall, the analyst tells investors in a post-earnings note. The firm raised estimates following the quarterly report, but is placing a 25% discount on its target growth-adjusted mult due to DAU questions that “need to be answered,” the analyst added.