Bank of America Securities analyst Brent Navon CFA reiterated a Buy rating on Roku today and set a price target of $110.00.
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Brent Navon CFA has given his Buy rating due to a combination of factors including an improving macroeconomic environment and strategic partnerships. The macro uncertainty that had previously affected the advertising industry appears to be diminishing, which is expected to positively impact Roku’s financial outlook. Additionally, Roku’s recent partnership with Amazon enhances its advertising capabilities, offering advertisers better data access and potentially increasing monetization of its advertising inventory.
Furthermore, Brent Navon CFA has raised the revenue and EBITDA estimates for Roku, reflecting confidence in the company’s growth trajectory. The expansion in Roku’s valuation multiple also indicates a positive sentiment shift in the market, driven by favorable trends in connected TV advertising and streaming video growth. These factors, combined with Roku’s strategic initiatives, support the Buy rating and the increased price objective of $110.
In another report released on July 1, Citizens JMP also reiterated a Buy rating on the stock with a $95.00 price target.