Reddit Stock Has 22% Upside, According to 1 Wall Street Analyst
Wall Street ratings continue to roll in for Reddit (NYSE: RDDT), the social media stock that went public just last month.
Reddit has been volatile in its first few weeks of trading as the stock searches for equilibrium, but one analyst thinks it has more upside from here. In fact, Deutsche Bank just initiated coverage on the stock with a buy rating and a price target of $50.
In an analyst note, Deutsche Bank analyst Ben Black said Reddit is on the verge of a number of positive inflection points. It noted that top-of-the-funnel growth is accelerating, the advertising platform is improving, and its data licensing business focused around generative AI applications like large language models has a lot of potential.
Source Fool.com