Overview

• Oppenheimer raised Reddit’s target to $300 from $215 on September 16 with an Outperform rating, while Piper Sandler lifted its target to $290 from $210 on September 18 with an Overweight rating.
• Third‑party checks cited by Oppenheimer show Q3 U.S. logged‑in daily average users tracking 0.8 million to 1.1 million above the firm’s and Street estimates.
• Quarter‑to‑date ad‑portal visits are up 47% on a two‑year basis, compared with 30% in Q2 and 19% in Q1, suggesting stronger advertiser engagement.
• Oppenheimer raised 2026–2027 forecasts for logged‑in DAUs, revenue, and EBITDA, with 2027 now 3%, 12%, and 23% higher, respectively.
• Context for the upgrades includes Reddit’s Q2 beat with revenue up 78% to $500 million, ad sales up 84% to $465 million, ARPU up 47% to $4.53, and DAUs up 21% to 110 million, while potential LLM‑related revenue remains an unmodeled upside.