stockcam/iStock Unreleased via Getty Images
- Analysts at Lightshed Partners on Monday started coverage on the social media platform Reddit (NYSE:RDDT) with a bullish stance. They say there is “enough room” for growth for the company beyond 2026 with numerous growth levers still to pull.
- Lightshed said it expects EBITDA to scale from a negative $69M in 2023 to nearly $500M by 2026, with revenues “more than doubling” over that period.
- “Lightshed walked out of Cannes Lions 2024 in late June excited by Reddit’s growth story, with ad buyers openly discussing their interest in the platform… However, the stock quickly ripped from the mid-$50s to the low $70s… Growing fears about the health of the global economy and advertising have caused the stock to roundtrip,” the analysts said in their August 5 report.
- The research firm assigned a “buy” rating to RDDT, with a PT of $84, based on 25x 2026 EBITDA, and implying ~46% upside.
- Since its IPO in late March, stock has risen 22.5% this year.
Source link
