Weak 2026 performance is an ’opportunity to buy’ this internet stock: analyst

D.A. Davidson analyst Wyatt Swanson initiated coverage of Reddit with a Buy rating and a $200 price target, saying the stock’s roughly 28% year-to-date drop creates a buying opportunity. Swanson cites Reddit’s under-monetization versus peers, its value as an LLM data source, and encouraging traffic signals (Similarweb data implying a ~1.3% DAU beat) as drivers for near-term upside. He expects most catalysts to materialize in H2 2026 into 2027, highlights data-licensing renewals with Google and OpenAI (early–mid 2027) where he models 15–30% higher rates, and views a likely settlement with Anthropic ahead of its expected 2026 IPO as additional upside. The note could spur renewed investor interest in internet/social-media names if execution and licensing outcomes meet expectations.