Morgan Stanley analyst Benjamin Swinburne lowered the price target on Roku Inc. (NASDAQ: ROKU) to $295.00 (from $310.00) on the belief that Active Account results will continue to have an outsized impact on the share price.

The analyst reiterated an Underweight rating, stating "Key to maximizing its long-term earnings power is establishing a large user base in each market it operates in. The larger the user base, the greater the leverage it can exert over publishers that use Roku for distribution. For these reasons, slowing active account growth is concerning for the stock at current levels. Despite several major int'l market launches YTD, growth in its active account base will likely slow from roughly 40% in 4Q20 to 17% in 4Q21. With supply chain issues weighing on TV sales for the foreseeable future and rising smart TV competition from OEMs (Samsung, LG, Vizio), licensed OS's (Android TV, Fire OS), and emerging products (Amazon branded TV and Comcast XClass), there is growing risk that Roku's US active account growth falls further."