Piper Sandler Cuts Reddit Price Target to $205, Cites Multiple Compression Despite Strong Results
Summary: Piper Sandler reduced its price target for Reddit (NYSE: RDDT) to $205.00 from $290.00 while retaining an Overweight rating. The firm said the adjustment is driven by a contraction in valuation multiples rather than deterioration in Reddit’s reported operating performance. Reddit’s most recent quarter showed substantial top-line growth and…