The initiation of coverage by a major financial institution like Morgan Stanley generally brings increased attention to a stock. An Equal-Weight rating suggests that Morgan Stanley views Reddit's stock as fairly valued at its current price, implying a neutral short-term price direction. The price target of $45 indicates Morgan Stanley's expectation of where the stock price could head, providing a benchmark for investors. However, since the rating is not Overweight, the immediate impact on the stock price might be moderate.