Piper Sandler raised the firm’s price target on Reddit (RDDT) to $215 from $205 and keeps an Overweight rating on the shares. The firm notes the company delivered another strong quarter, beating Piper’s estimates across the board and giving strong Q2 guidance. Notably, management offered a long-term objective of 100M U.S. daily average users on the call, well above current 54M. The firm believes this strengthens any near-term user growth concerns and demonstrates management’s confidence. Piper continues to see Reddit as a top pick.
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