Reddit price target raised to $187 from $176 at Wells Fargo
Wells Fargo analyst Alec Brondolo raised the firm's price target on Reddit to $187 from $176 and keeps an Equal Weight rating on the shares. The firm notes Reddit ad checks remained strong in Q2, raising revenue 5% and expecting Q3 revenue guidance slightly ahead of consensus. Wells also points out 3P data suggests user growth remains tepid, trimming Q2 U.S. daily average users net adds to 100k, slightly below Street.
Wells Fargo analyst Alec Brondolo raised the firm's price target on Reddit to $187 from $176 and keeps an Equal Weight rating on the shares.
The firm notes Reddit ad checks remained strong in Q2, raising revenue 5% and expecting Q3 revenue guidance slightly ahead of consensus.
Wells also points out 3P data suggests user growth remains tepid, trimming Q2 U.S. daily average users net adds to 100k, slightly below Street.