Reddit price target raised to $174 from $155 at Wells Fargo

Wells Fargo raised the firm’s price target on Reddit (RDDT) to $174 from $155 and keeps an Equal Weight rating on the shares. The firm says divergence between users and advertising revenue expected to continue near-term. Wells is reducing logged-in global DAUq to 49.6M with U.S. logged-in DAUq down again. The firm is also raising revenue modestly to a robust 60% year-over-year. Wells remains cautious on softening engagement trends.