Reddit gains after strong quarterly forecasts, PT raise

Social media platform Reddit's RDDT.N shares rise 6.9% to $126.99 premarket

At least seven brokerages raise PT on RDDT

Bernstein upgrades stock rating to "market-perform" from "underperform" and raises PT to $130 from $110, representing ~9% upside to stock's last close

"We're tired of getting it wrong on Reddit," Bernstein says

In an unnerved market, RDDT is quietly going about their business, too small to be heavily exposed to macro swings while broadening out their advertiser base, brokerage says

Bernstein says user growth question remains center of near-term debate, but even here brokerage has seen enough that suggests co can execute its way into sustained positive growth

RDDT forecasts Q2 revenue between $410 mln and $430 mln, above LSEG-compiled average estimate of $395.5 mln

Co expects adjusted EBITDA $110 mln to $130 mln for Q2, also above estimates

Avg. rating of 24 brokerages covering RDDT is "buy"

As of last close, RDDT down ~27% this year