Piper Sandler reiterated its Overweight rating on Reddit Inc. with a price target of $290.00, suggesting a 34% upside from its current trading price. The investment firm highlighted the significant potential of Reddit's data licensing business as a key driver for future growth, viewing the company as a strategic asset in the artificial intelligence sector due to the high demand for training data. The firm projects that revenue from data licensing could reach approximately $400 million by 2027, an amount that substantially exceeds prior consensus estimates. Piper Sandler also expressed optimism regarding Reddit's advertising business, forecasting differentiated growth compared to peers.