Wedbush raised the firm’s price target on Roblox (RBLX) to $110 from $91 and keeps an Outperform rating on the shares. The firm sees Roblox as the most compelling growth opportunity in the video game sector given its large and expanding user base, its slate of new and upcoming products, and the potential to unlock additional profit drivers within its business. Grow a Garden is driving massive engagement growth in Q2, which Wedbush expects to rise into Q3 across Roblox games as the summer vacation period begins. The company’s new rewarded video ad format partnership with Google (GOOGL) positions Roblox to catapult ad revenue growth, the firm adds.
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