Stock Track | Reddit Stock Soars 5.03% as Piper Sandler Raises Price Target, Citing Strong Growth Prospects

Stock Track11-20 01:46

Reddit Inc.'s stock soared 5.03% in Tuesday's trading session, outperforming the broader market, as Piper Sandler raised its price target on the social media platform, citing strong growth prospects.

Piper Sandler analyst Thomas Champion increased the firm's price target on Reddit to $150 from $115, while maintaining an "Overweight" rating on the stock. The analyst's bullish stance reflects expectations of continued user growth and monetization opportunities for Reddit.

The price target upgrade comes as Reddit continues to benefit from its growing user base and engagement levels, as well as its ability to monetize through advertising and other revenue streams. With its unique content and community-driven model, the platform has become a major player in the social media landscape.

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