Reddit just won earnings season with huge pop. What analysts see from here

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Reddit Inc أخبار

Reddit just won earnings season with huge pop. What analysts see from here
Stock Markets,Investment Strategy,Business News

Citi, which has one of the most bullish outlooks on Reddit, foresees the stock soaring nearly 50% from its Tuesday close.

Reddit 's latest blockbuster results left investors stunned on Tuesday morning. The social media company reported third-quarter earnings of 16 cents per share, whereas analysts polled by LSEG had estimated a loss of 7 cents per share. Reddit's $348.4 million revenue also beat expectations of $312.8 million. Additionally, Reddit guided for fourth-quarter revenue of between $385 million and $400 million, while analysts had estimated an average of $357.9 million.

mountain chart Following Reddit's results, analysts largely stood by their existing ratings on the stock. Citi analyst Ronald Josey reiterated his buy rating and hiked his target price to $120 from $70. This updated forecast corresponds to a nearly 47% upside for shares of Reddit from Tuesday's close. Josey wrote that Reddit's continued user growth and engagement gains have boosted the company — and should continue to do so.

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