Reddit (RDDT) stock has rebounded from a steep decline following a 50% drop from its peak earlier in the year. Analysts at Truist have recommended a 'buy' with a price target of 150, citing Reddit's rapid growth in the digital ad market facilitated by its unique subreddit structure. Despite a significant slump due to economic uncertainty and disappointing user growth figures, some analysts believe the stock has been de-risked from its previous highs. Overall, Reddit's share price is still down sharply this month, continuing a trend from March.
Analysts at Truist have initiated Reddit stock with a buy rating, setting a price target of 150, citing its growth in digital advertising.
Despite a substantial downturn in Reddit's stock price this year, analysts believe it has been de-risked compared to its previous highs, offering potential for recovery.
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