BofA maintains Neutral rating on Reddit despite YTD pullback, citing premium valuation and macro sensitivity.
Analyst Justin Post cut price target to $175 from $205, shifting valuation focus from revenue to EBITDA.
Reddit trades around $136, implying 6.2x 2027 revenue and 14x 2027 EBITDA, well above peer medians.
BofA notes upside from data partnerships, search ads, AI licensing, but flags slowing user growth, Google reliance, AI competition.