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.
Shares of Roku Inc (NASDAQ:ROKU) were rising on Monday as Bank of America started coverage of the stock with a Buy recommendation.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Bank of America's Ziv Israel started Roku with a Buy rating and a $154 price target.
The Thesis
Roku's leading position in the video streaming market and the fact that it has effectively shifted to generating much of its revenue through video ads, from its previous focus on hardware sales, impresses Israel.
The analyst also said concerns about negative impacts from new competition is overstated, and that strong revenue growth should continue as advertisers move money into the OTT market. Roku also should benefit from increasing demand for smart TVs, and from its strong brand recognition.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
The recent drop in Roku's stock price is mostly from new streaming competition announcements, particularly from Comcast Corporation (NASDAQ:CMCSA) and Facebook Inc. (NASDAQ:FB), Israel said.
"We view the market reaction as excessively punitive, as total cost of ownership for both products is significantly higher than for the Roku device," Israel wrote in the note.
Price Action
Roku's stock was up 6.7% on Monday, trading around $142.82 per share.
Related Links:
Roku To Purchase Dataxu For $150M In Cash And Roku Shares
Photo courtesy of Roku.
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.