Reddit price target raised to $215 from $160 at Oppenheimer

Oppenheimer raised the firm’s price target on Reddit (RDDT) to $215 from $160 and keeps an Outperform rating on the shares on sequential user growth and revenue/EBITDA significantly ahead of estimates. While revenue and guidance almost 20% ahead of Oppenheimer/Street, management has shown the ability to leverage marketing to maintain daily average user growth, offsetting organic search volatility.