** Wells Fargo downgrades social media platform Reddit RDDT.N to "equal weight" from "overweight", trims PT to $115 from $168

** New PT implies ~1.6% upside to stock's previous close

** RDDT's shares fall 6.3% to $106.04 premarket

** Brokerage says Reddit's user base is likely to decline due to changes in search user behavior and Google's integration of AI search capabilities

** Decline in logged-out users will also impact logged-in user growth and high-margin data licensing revenue, Wells Fargo says

** Adds decline in user base will affect not only RDDT but also other companies that rely on search traffic

** Reddit's data licensing business may be at risk due to increasing use of AI-powered search tools and co may need to prioritize internal monetization of its content and data to minimize long-term risk, Wells Fargo says

** As of last close, RDDT stock down 30.7% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))