Overview

• Oppenheimer raised Reddit’s price target to $300 from $215 and reiterated an Outperform rating, citing higher estimates and valuation multiple.
• Piper Sandler lifted its target to $290 from $210 and kept an Overweight rating after positive checks on advertising metrics.
• Similarweb regression points to Q3 US logged‑in daily average users 0.8–1.1 million above operator and Street estimates, with quarter‑to‑date ad portal visits up 47% on a two‑year basis versus 30% in Q2 and 19% in Q1.
• Reddit’s Q2 2025 results beat expectations with diluted EPS of $0.45 versus $0.20 expected, as revenue rose 78% year over year to $500 million and ad sales jumped 84% to $465 million.
• Analysts highlight potential upside from large‑language‑model licensing that is not included in current forecasts.