Citizens Reiterates Market Outperform on Reddit (RDDT), Cites Ad Influence Potential

Citizens analyst Andrew Boone reiterated a Market Outperform rating and $300.00 price target on Reddit (NYSE: RDDT).

The analyst commented, "Reddit works well for long-consideration purchases. At the conference, Kantar presented its findings based on Reddit-provided campaign data. We acknowledge the self-serving nature of the reporting; Kantar found that Reddit performs well with long-consideration purchase paths, which we had not previously understood well. Explaining this, ~40% of Reddit's content has a commercial component, and with a core use case of coming to Reddit to research a product or services (~60% of queries have a commercial intent), Reddit is key to influencing purchase decisions. Kantar believes that the advertisers it has had access to materially underinvested in Reddit, highlighting the opportunity for Reddit to continue to win more budgets from existing advertisers."

For an analyst ratings summary and ratings history on Reddit click here. For more ratings news on Reddit click here.

Shares of Reddit closed at $211.70 yesterday.

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