Roblox price target raised to $160 from $150 at JPMorgan

JPMorgan raised the firm’s price target on Roblox (RBLX) to $160 from $150 and keeps an Overweight rating on the shares. The firm says engagement on the Roblox platform surged in Q2 due to back of Grow a Garden with the momentum continuing in Q3, led by Steal a Brainrot and 99 Nights in the Forest. Roblox concurrent users reached a peak of 43M in late August, well above the platform’s prior record of 32M, the analyst tells investors in a research note. JPMorgan expects the strong platform engagement to result in “healthy upside” to management’s Q3 guidance. The firm upped its Q3 bookings growth estimate to 51% year-over-year and Q4 bookings estimate to 44%, both well above Roblox’s outlook.