Citi raised the firm’s price target on Roku (ROKU) to $84 from $68 and keeps a Neutral rating on the shares. Roku and Amazon (AMZN) announced a new partnership that will integrate Amazon’s DSP with Roku’s connected TV inventory and provide Amazon’s DSP exclusive functionality to identify viewers across streaming channels, the analyst tells investors in a research note. The firm believes the move enhances Roku’s competitive positioning in the connected TV space and gives “incremental confidence” in the company’s growth trajectory. Citi raised estimates to reflect the new partnership, but believes the benefits of the partnership are largely priced into Roku shares at prevailing levels.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ROKU:
- Amazon ‘chipping away’ at Trade Desk’s moat, says MoffettNathanson
- Roku upgraded, Sarepta downgraded: Wall Street’s top analyst calls
- Roku’s Strategic Partnership with Amazon: A Catalyst for Growth and Market Expansion
- Roku price target raised to $100 from $85 at BofA
- Roku’s Strategic Partnership with Amazon: A Catalyst for Growth and Potential Acquisition
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue