Reddit shares are trading higher after Needham maintained a Buy rating on the stock and raised its price target from $75 to $85, raising its profit estimates for FY24-FY26.
Portfolio Pulse from Benzinga Newsdesk
Reddit's stock is trading higher following Needham's decision to maintain a Buy rating and increase the price target from $75 to $85, along with raised profit estimates for FY24-FY26.
October 09, 2024 | 12:55 pm
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Needham has maintained a Buy rating on Reddit and increased its price target from $75 to $85, reflecting confidence in the company's future profitability. This has led to a rise in Reddit's stock price.
The increase in price target and maintained Buy rating by Needham suggests strong confidence in Reddit's future performance, likely leading to positive investor sentiment and a rise in stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100