Loop Capital raised the firm’s price target on Reddit to $60 from $55 and keeps a Buy rating on the shares. The company’s first reported quarter as a public company was exceptional, beating on all metrics, the analyst tells investors in a research note. Despite being an 18-year-old company, Reddit did not start its monetization efforts until a few years ago, and there is still significant low-hanging fruit, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RDDT:
- RDDT Earnings: Reddit Soars after Huge Revenue, Guidance Beat
- Reddit Welcomes New Independent Director with Equity Package
- Apple upgraded, Tesla downgraded: Wall Street’s top analyst calls
- Reddit initiated with a Positive view at OTR Global
- TikTok to remove executive tasked with fending off U.S. claims, Bloomberg says