Reddit Hammered as Evercore Slashes Rating

Evercore ISI's Mark Mahaney cut RDDT from Buy to Hold on Monday, slashing his price target from $265 to $120. That is a 55% target reduction on a stock carrying 15% short interest as a share of free float.

The downgrade is the sharpest call in today's analyst batch. Reddit trades at a $13.5 billion market cap. Short sellers have been active, though availability remains high at 341% of short interest, meaning borrow is easy to source.

Wells Fargo took the opposite direction on LMT. Analyst David Strauss lifted his target on Lockheed Martin by $100 to $700, keeping a Hold rating. The defence contractor sits at a $147 billion market cap with short interest near 1.3% of free float.

On the pharma side, Guggenheim raised its target on ABBV from $288 to $322, with analyst Vamil Divan reiterating Buy. AbbVie's market cap is $521 billion. Guggenheim also lifted its target on REGN from $1,030 to $1,100, keeping a Buy on Regeneron.

GEV got a mild trim. Guggenheim cut its GE Vernova target from $1,450 to $1,400 but held its Buy. The energy equipment spin-off has 37 analysts with Buy ratings and none on Sell.

CLX got an upgrade from Evercore, moving from Sell to Hold. The Clorox call is notable given the same firm just cut Reddit sharply, showing Evercore moving in opposite directions across sectors today.