Roth MKM raised the firm’s price target on Reddit (RDDT) to $89 from $66 and keeps a Buy rating on the shares. The company has current contracts with Google (GOOGL) and OpenAI for use of the platform’s data in training AI models, with Google partnership providing $60M in annual recurring revenue – ARR – and expectation of Open AI contribution of over $40M, the analyst tells investors in a research note. The firm adds that it would recommend buying Reddit shares on any post-earnings weakness.
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