Reddit (RDDT) PT Raised to $225 at Truist Following 'Stellar 2Q Results

Truist Securities analyst Youssef Squali raised the price target on Reddit (NYSE: RDDT) to $225.00 (from $160.00) while maintaining a Buy rating.

The analyst commented: "RDDT Reports Stellar 2Q Results & Outlook on Improving Monetization; We remain constructive on RDDT and raise our PT to $225 from $160 following a strong 1Q beat and a 2Q guide which comfortably exceeds consensus, driven by higher spend from existing advertisers and strong product market fit. The bullish outlook reflects the strength RDDT is seeing across channels and campaign objectives, as well as a healthy digital ad market. Following volatility in user growth earlier this year from Google algo changes, DAU count in 2Q was inline with the trend in July improving in the U.S. & Int'l. We believe current mometum is sustainable NT and that RDDT has several key initiatives including Search & Answers which should fuel growth M/L term."

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