New Street Research - REDDIT INC (RDDT) Reddit (RDDT, Neutral, $225 target) Executing well, but we remain Neutral on valuation

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New Street Research

Dan Salmon

EUR 8703.00 For Business Accounts Only

Reddit (RDDT, Neutral, $225 target) Executing well, but we remain Neutral on valuation

Our estimates are increasing on another strong beat and raise however our target price slightly declines to $225 from $230 as we increase the beta in our DCF valuation.

06/11/2025 1 EN

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REDDIT INC

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US75734B1008 New York Stock Exchange United States

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Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Analysts

Dan Salmon

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Reddit (RDDT, Neutral, $230) Good execution matches elevated valuation

What’s New: In this first take following tonight’s results, we focus on: 1. Clean quarter and solid beats, but stock stuck in neutral on valuation 2. Steady progress continues on ad platform and go-to-market 3. Nothing new on data licensing 4. Profitability continues to scale, the new “north star” is 50% adj. EBITDA margins

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Reddit (RDDT, Neutral, $230) CEO stresses live sports engagement, Reddit Pro, organic/paid mix

Last week we attended Forward 2025, hosted by CTV ad platform Tatari, where RDDT CEO Huffman was among the speakers. In the report, we walk through the most important themes from his comments and also update our model post earnings.

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What’s New: In this first take following tonight’s results, we focus on: 1. Stock pops on improved results and surprise Perplexity deal 2. DR recovers & continued enthusiasm for SMBs, but large advertisers down 3. North America DAUs steady but we remain cautious as age verification rolls out 4. Perplexity boosts the AI narrative 5. Very good cost control and margins

EUR 8703.00

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Reddit (RDDT, Neutral, $225 target) Executing well, but we remain Neutral on valuation

Reddit (RDDT, Neutral, $230) Good execution matches elevated valuation

Reddit (RDDT, Neutral, $230) CEO stresses live sports engagement, Reddit Pro, organic/paid mix

Snap Inc. (SNAP, Neutral, $8 target) Revenue growth in-line, and Perplexity deal boosts

Telecom Italia (Neutral, €0.43, -10%) Q3 25 - Developing the Poste relationship further

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