Reddit (RDDT) PT Raised to $210 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the price target on Reddit (NYSE: RDDT) to $210.00 (from $150.00) while maintaining an Overweight rating.

The analyst commented: "Strong Quarter Underwritten by Stable Subs, Revenue Inflection; RDDT delivered an impressive quarter of financial growth with revenues and EBITDA 19% and 39% ahead of our forecast. Management is executing phenomenally well, and we expect the Google / DAU friction to moderate in time. We move estimates higher again, PT moves to $210 from $150. Reiterate OW.

While DAUs likely remain choppy, trends near-term have stabilized and very strong topline beats should help the debate. The platform is taking share and doing so profitably. We expect the Google friction to subside over time as management develops workarounds to the volatility. Execution remains impressive, and they're investing behind the sales force. On our new estimates in a DCF our PT rises to $210 from $150."

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