Here's Why BofA Calls Roblox 'Category Leader' In The Emerging Metaverse Media Category - Roblox (NYSE:RBLX)

BofA analyst Omar Dessouky reinstated coverage of Roblox Corp RBLX with a Buy rating and $84 price target, calling the company the "category leader" in the emerging "Metaverse" media category. The price target implies an upside of 20.8%.
Roblox has no "old media" businesses to cannibalize and invests 100% of its resources exclusively towards leadership on eight well-defined Metaverse criteria.
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Dessouky thinks "Metaverse" as a category could eventually subsume parts of social media, streaming video, video games, and revenue streams from advertising as well as e-commerce.
With "Metaverse" as a category early in its adoption cycle, Dessouky likens Roblox as "comparable to the early years of now dominant platforms" such as Apple Inc AAPL, Microsoft Corp MSFT, Amazon.com Inc AMZN, Alphabet Inc GOOG GOOGL Google, and Facebook Inc FB.
Price Action: RBLX shares traded higher by 4.04% at $69.51 on the last check Monday.