JPMorgan raised the firm’s price target on Reddit to $77 from $59 and keeps a Neutral rating on the shares. The firm updated Reddit estimates ahead of the Q3 results to reflect recent positive trends. The company’s tone has been upbeat through Q3 and with the share lock-up expiration behind it, likely upside to estimates, and potential for new large language mode data licensing deals, Reddit has become a much more frequent topic of discussion with investors, the analyst tells investors in a research note. However, JPMorgan believes the stock price reflects this recent enthusiasm.
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