$RDDT is fast approaching the USD 160/share buy target

​Ignore the noise of reduced ad allocations and currently negative sentiment (which always comes with falling stock prices) - I’m ready to load up more at c USD 30bn market cap / USD 160/share, which is my buy target. Fundamentals haven’t changed at all. Reddit needs to “only” double its revenue to justify the USD 30bn market cap - assuming a terminal PE of 20x, which for a company with as much optionality is not unreasonable assumption (see Twitter, Snap, Pins). They can achieve this by either of two levers - DAU and/or ARPU growth, both of which they are currently executing on perfectly at the moment, droving the current 68% topline growth. Am a value investor - purebred - but with current pricing Reddit is indeed again becoming an actual value play. See below: Meta’s US & Canada only ARPU in Q3 2025 was approximately USD 76 (I calculate this based on its estimated 280m DAU in US & Canada, generating USD 21bn of ad revenue in Q3 2025, for an implied quarterly DAU of USD 76) - 15x higher compared to Reddit’s US 9 ARPU of USD only. I believe for a fair comparison & to be conservative this number has to be further adjusted for the fact that Meta has 2 key platforms (FB & Insta), so I divide Meta’s ARPU number by 2. Thus, ultimately we can see that Meta’s US & Canada ARPU on a like-for-like basis is USD 38 vs Reddit’s USD 9 - a 4x delta. Similarly, the international ARPU discrepancy also stands at 4.8x. So plenty of room to grown both on ARPU convergence, as well as a DAU side, as Reddit only has c 110m DAUs. I see so many comments lately saying “Reddit ads suck, would never buy it”. Typical negativity when the stock falls. But this argument is also precisely why I’m bullish - the ads have been on continuously improving trend for the past 2 years. Had they already been perfect, there would be no ARPU convergence growth story left. Took Meta 20y to perfect theirs, how can people expect Reddit can do it in 2y. But still, with monetization path now clearly paved / invented & proven to work as a business model by Meta, all Reddit needs to do is copy what Meta already did. In turn, there is far less execution risk than Meta had, yet the market is pricing Reddit as if they have to (re)invent the industry. While prudent, as indeed Reddit currently still is ever so slightly above my target price, its completely disconnected with the logic market is applying to most other tickets nowadays (PLTR etc). Sure, two wrongs don’t make a right - but 1 wrong and 1 right for sure do make it weird. Anyway, thanks for coming to my TED talk. If into more detail & how I got to 160 price target check out my deep dive on substack (link in my bio)