Increased advertising spend gives Reddit a leg up over its peers, according to Morgan Stanley.
The bank upgraded shares of the social media platform to overweight from equal weight. It also hiked its price target to $200 from $70. This updated forecast is nearly 23% above where shares closed on Friday.
mountain chart Morgan Stanley has stayed on the sidelines with Reddit during the year, which analyst Brian Nowak acknowledged as a mistake. The company has skyrocketed since its initial public offering in March, up more than 378%. Reddit priced its IPO at $34 per share. The stock closed at $162.76 on Friday. But while Nowak missed out on Reddit's surge, he thinks the platform has yet to reach its full potential.
data shows 11 of the 17 who cover the stock rate it as a buy or a strong buy, while the remaining six have hold or sell ratings on it.
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