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Can Reddit’s Solid Momentum Continue? Analysts Say Social Media Company With ‘Robust Business Model’ Has ‘Continued Strong User Growth’

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Reddit Inc (NYSE:RDDT) shares were climbing in early trading on Wednesday, after the company reported strong first-quarter results.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

BofA Securities On Reddit

Analyst Justin Post reaffirmed a Neutral rating while lifting the price target from $50 to $57.

Reddit’s first-quarter results reflected strong execution, with revenues and EBITDA of $243 million and $10 million, beating Street expectations of $212 million and $24 million, respectively, Post said in a note.

He added that the beat was driven by “favorable macro, strong DR growth & new data deals,” which included some smaller data deals in addition to Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL).

Reddit recorded 9.6 million daily active …

Full story available on Benzinga.com

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