Roblox price target lowered to $70 from $76 at Wells Fargo

Wells Fargo analyst Ken Gawrelski lowered the firm’s price target on Roblox (RBLX) to $70 from $76 and keeps an Overweight rating on the shares. The firm sees Q1 bookings above guide and consensus on strong user momentum. Q2 guide is expected to leave consensus at low end as year-over-year bookings comparable sales toughen beginning in May, Wells adds. Full-year guide is likely to be maintained to allow for the second half of the year macro uncertainty.