Reddit (RDDT) shares are soaring 5.06% in intraday trading, buoyed by a significant upgrade from Seaport Global Securities and continued positive analyst sentiment. The social media platform's stock is demonstrating strong momentum despite recent concerns about user growth.
Seaport Global Securities has upgraded Reddit to "Buy" from "Neutral," setting a price target of $165. This implies a potential 45% upside from the stock's previous close. The upgrade comes despite recent warnings from Reddit's CEO about potential disruptions to daily active users due to changes in Google search. Seaport remains optimistic about Reddit's long-term fundamentals, citing expected user growth momentum, particularly internationally, and significant global advertising monetization opportunities.
The bullish sentiment is not limited to Seaport. Baird analyst Colin Sebastian raised his price target on Reddit to $140 from $125, maintaining a Neutral rating. Overall, the stock maintains an average rating of "Overweight" among analysts, with a mean price target of $161.36. Out of 24 brokerages covering Reddit, 17 rate it as "Strong Buy" or "Buy," 6 as "Hold," and only 1 as "Sell." This positive outlook from Wall Street is likely contributing to the stock's strong performance today, as investors appear to be focusing on Reddit's long-term potential rather than short-term headwinds.
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