Truist raised the firm’s price target on Reddit (RDDT) to $225 from $160 and keeps a Buy rating on the shares. The company reported a strong Q1 earnings beat and its Q2 guide comfortably exceeds consensus, driven by higher spend from existing advertisers and strong product market fit, the analyst tells investors in a research note. The bullish outlook reflects the strength that Reddit is seeing across channels and campaign objectives, as well as a healthy digital ad market, the firm added.
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