Social media firm Reddit's shares rise 3.6% to $201.78 in premarket trading.

Jefferies hikes target price to $230 from $215:

** Sees upbeat Q4 revenue, primarily driven by growth in advertising

** Says user growth in Q4 on RDDT's app/website has been stable

** Expects RDDT's innovations, increased ad loads, and incremental partnerships to increase average revenue per user (ARPU) over time

** Warns higher earnings expectations increases risk of disappointing FY25 guidance

** Majority of brokerages rate the stock "buy" or higher; their median PT is $190 - data compiled by LSEG

** Up to last close, RDDT stock had risen 19.1% YTD