** Reddit's RDDT.N shares up 3.8% at $118.21 on Mon after Seaport Research upgrades social media platform to 'buy' from 'neutral'
** Seaport sets PT at $165, implying 45% upside to stock's last close
** While user growth is slowing near term, RDDT continues to demonstrate strong rev growth even in the face of a softer macro environment, largely driven by advertising, Seaport said in note to clients
** RDDT late Thurs forecasted Q2 rev of $410-$430 mln, topping Wall Street's expectations, but its stock finished down ~4% on Fri after CEO warned Google search to disrupt daily active users
** Seaport said it remains positive on long-term fundamentals, pointing to expected user growth momentum, particularly internationally, and significant advertising monetization opportunity ahead globally
** Now, of 24 brokerages covering RDDT, recommendation breakdown is 17 "strong buy" or "buy", 6 "hold" and 1"sell" rating, LSEG data shows
** M edian PT of $160 down from $197.50 a month ago and from $190 on Feb 5
** With move on Mon, stock down 28% YTD
** The microblogging platform behind the popular WallStreetBets forum, went public in Mar 2024 in IPO priced at $34
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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