Reddit rises as MS upgrades rating, boosts PT to highest on Street

** Shares of social media co Reddit RDDT up 4.6% at $170.18 premarket

** Morgan Stanley upgrades rating to "overweight" from "equal-weight" and boosts PT to $200 from $70, highest among the 17 brokerages covering the stock

** Average rating of brokerages is "buy" and median PT $120 for RDDT - LSEG

** MS expects RDDT's engagement and advertising pipelines to drive "industry leading" user, time spent and ad rev growth

** RDDT reported its first quarterly profit in Q3, helped by its AI content licensing deals and strong digital advertising spending

** Stock closed at record $163 on Friday, versus its March IPO price of $34