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Roku Inc (NASDAQ:ROKU) shares jumped Friday after RBC upgraded the stock on valuation, following a month-long sell-off of the streaming device maker’s shares.
The Analyst
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RBC analyst Mark Mahaney upgraded Roku from Sector Perform to Outperform and boosted the target price from $107 to $155.
The Thesis
Mahaney had downgraded the stock in July but noted then that if it dropped considerably in price, he might be more bullish.
That’s what happened, with Roku’s share price now down nearly 20% over the last month and more than 30% from its high last month.
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Over-the-top streaming is one of the strongest trends, Mahaney said in a note. And Roku, which was early in the space, is “one of the best-positioned to take share of the very large, underpenetrated $70 billion TV ad spend opportunity,” he wrote.
The stock has seen a big sell-off in recent weeks in part because of analyst downgrades as the company has faced more and more competition in the streaming device space.
Price Action
Roku shares were up 3.2% in early trading Friday to $119.87.
Related Links:
Roku 'Will Find A Ready Market Abroad,' Macquarie Says In Upgrade
Roku Wins A New Investor: Ken Griffin
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.