Shares of Reddit Inc. (RDDT) surged 5.03% in intraday trading on Friday, after Guggenheim analyst Michael Morris initiated coverage on the social media company with a Buy rating and a $210 price target.
According to Morris, Reddit is poised to capitalize on strong growth in the social media space in the coming quarters and years. The analyst views Reddit as an "industry revenue growth leader" and believes the company's efforts to better monetize its user base, coupled with data licensing deals with major tech firms like OpenAI and Google, will drive continued momentum.
The positive initiation from Guggenheim added to the bullish sentiment around Reddit, which has seen its stock soar over 370% since its IPO in March 2024. Investors have been optimistic about the company's prospects as it invests in artificial intelligence and explores new revenue streams from its vast data trove.
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