Loop Capital Upgrades Roku Inc. (ROKU) to Buy, $450 PT
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Loop Capital analyst Alan Gould upgraded Roku Inc. (NASDAQ: ROKU) from Hold to Buy with a price target of $450.00.
The analyst commented, "Roku reported its strongest quarter since going public with a 79% sales gain to $574 million, 17% ahead of consensus estimates, driven by a slightly more than doubling of platform revenue. The quarter benefited from unusually strong ad demand by the entertainment studios’ new SVOD platforms, some positive 606 accounting impact and easier comps at the end of the quarter. While sales growth will moderate in the second half of the year, the
company should report another year of 50%+ sales growth. The stock has declined with a number of the hyper-growth stocks this year. The shares have fallen 34% from its peak in mid-February to its after-hours price of $310 (up 9% after hours). The fundamentals are stronger than we had anticipated, the stock is more attractively priced, and we are upgrading our rating to Buy from Hold."
Shares of Roku Inc. closed at $284.01 yesterday.
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