Reddit (RDDT) shares are soaring 5.08% in pre-market trading on Monday, outpacing the broader meme stock rally and buoyed by a significant target price upgrade from Jefferies. The social media platform's stock is catching investors' attention as it rides the wave of renewed interest in meme stocks.
The pre-market surge comes amid a broader uptick in meme stocks, with companies like Opendoor, Faraday Future, and Beyond Meat also seeing notable gains. This resurgence in meme stock enthusiasm appears to be driving increased interest in Reddit, which has become synonymous with the meme stock phenomenon due to its r/WallStreetBets community.
Adding fuel to Reddit's rally, Jefferies has raised its target price for the company from $175 to $230, representing a substantial 31.4% increase. This bullish outlook from a major financial institution suggests growing confidence in Reddit's long-term prospects and business model. The combination of the meme stock momentum and the positive analyst sentiment is likely contributing to the stock's impressive pre-market performance.
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