Wells Fargo analyst Alec Brondolo assumes coverage on Reddit (NYSE: RDDT) with a Equal Weight rating and a price target of $149.00.

The analyst comments "Too early for an update on data licensing renewals, but foundational models beginning to shift focus to enterprise, away from consumer; likely changes deal calculus. Buy- side acutely focused on Google deal renewal. Too early to expect an update on 1Q EPS, but note LLM industry focus shifting towards enterprise (coding assistance & workflow agents) monetization, away from consumer. Still expect more favorable licensing terms on renewal, but more focused on citation / traffic vs. much higher revs. Transitioning lead coverage to Alec Brondolo from Ken Gawrelski. Lowering 2Q / 2026 DAU 2% / 3% on weaker 3P app data exiting 1Q. Raising 2Q / 2026 ad revenue 1% / 3% on continued strong checks. As a result of higher ad revenue, our 2Q / 2026 EBITDA rises 5%. We maintain our Equal Weight rating, price target falls to $149 ($196 prior) implying 16x (23x prior) our 2027 EBITDA estimate of $1.74B ($1.66B prior)."

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Shares of Reddit closed at $138.34 yesterday.