As previously reported, Seaport Research upgraded Reddit (RDDT) to Buy from Neutral with a $165 price target. Reddit reported strong Q1 revenue and EBITDA, but slowing Q2 user growth driven by Google (GOOGL) search changes resulted in shares selling off, the analyst tells investors. While the Google changes are a near-term headwind, the firm continues to expect “solid” long-term user growth and meaningful revenue and monetization growth and would be buyers on the pullback, the analyst added.
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