Roku (ROKU) stock moves higher on Thursday after Wolfe Research's analyst team upgraded the smart TV maker from Peer Perform to Outperform. Market Domination co-hosts Julie Hyman and Josh Lipton break down the analyst note around Roku's stock. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Luke Carberry Mogan.
Shares of streaming TV platform Roku (NASDAQ: ROKU) jumped 6% in the pre-market session after Wolfe Research analyst upgraded the stock from Peer Perform (Hold) to Outperform (Buy) and assigned a $93 price target. The price target implied a potential 25% upside from where shares traded before the upgrade was announced. The analyst added that "Amid industry and Roku-specific fears about connected TV, or CTV, ad sales, management's rising focus on monetization supports acceleration and should bury
Wolfe Research upgraded Roku (NASDAQ: NASDAQ:ROKU) to Outperform from Peer Perform in a note Thursday, with a price target of $93, citing an improved outlook for the company’s sales growth and profitability. The firm acknowledged concerns surrounding connected TV (CTV) ad sales but said they believe Roku is positioned to accelerate its growth, benefiting from its leadership in the CTV space and a rising focus on monetization. "Roku's fundamental risks are falling while its sales growth is poised to accelerate," said Wolfe Research.