Reddit stock jumped on the buy rating, and it was up nearly 3% on Tuesday. Though Deutsche Bank's $50 price target is 47% higher than the IPO price, it's 33% lower than Reddit's all-time high from the first few days of trading.

Most Wall Street analysts observe a 25-day quiet period following an IPO before issuing ratings. Now that the appropriate time has passed, several analysts have initiated coverage of the social media platform. Roth MKM analyst Rohit Kulkarni initiated coverage of Reddit with a buy rating and a $50 price target.

JPMorgan analyst initiates coverage of Reddit with $47 price target, citing potential growth in ad platform & data licensing agreements.

Even a nod of approval from Wall Street isn’t helping Reddit stock. The shares fell lower Monday than even the most modest price targets set by investment advisers at big banks and wealth management firms.

Reddit Inc. shares fell as much as 5.1% Monday to hit the lowest level since its March trading debut after a slew of Wall Street analysts initiated coverage of the social-media company.