Needham & Company analysts raised the price target for Reddit to $75 from $63 per share in a note Tuesday, maintaining a Buy rating on the social media platform's stock.
"Our projected data licensing revs have nearly doubled since our initiation report, thanks to its new 3-year deal with OpenAI, which should add to RDDT's rev and FCF beginning in 3Q24," writes Needham. Overall, Needham said factors such as Reddit's GenAI revenue stream, user growth, engagement, ad revenue growth, expanding margins, and international growth, make up its bull case for the stock.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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