Piper Sandler Downgrades Roku Inc. (ROKU) to Neutral

Piper Sandler analyst Thomas Champion downgraded Roku Inc. (NASDAQ: ROKU) from Overweight to Neutral with a price target of $160.00 (from $148.00)..

The analyst comments: “This morning, Fox Corporation (FOXA, not covered) announced a definitive agreement to acquire Roku for ~$160/share (~$22B enterprise value), paid in ~60% cash and ~40% stock. We view this as a strong strategic fit. FOX marries its strong content with Roku's leading distribution platform and first-party data that add scale and can enhance the value proposition with advertisers. ROKU shareholders are expected to own a ~27% stake in the combined company. We downgrade to Neutral and move our PT to $160 to reflect the deal price, though ROKU shares could fluctuate with FOXA given the equity consideration.”

For an analyst ratings summary and ratings history on Roku Inc. click here. For more ratings news on Roku Inc. click here.

Shares of Roku Inc. closed at $140.90 yesterday.

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