Reddit price target raised to $176 from $149 at Wells Fargo

Wells Fargo raised the firm’s price target on Reddit (RDDT) to $176 from $149 and keeps an Equal Weight rating on the shares. The firm says investors were concerned on slowing U.S. engagement data plus tough comparisons heading into Q1 EPS. Q1 U.S. daily active users increased by 1M quarter-over-quarter, and Q2 revenue was guided 2% ahead of expectations, refuting the near-term bear case, Wells adds. Catalyst path now skews positive into Reddit Max second half of the year general availability rollout.