KeyBanc analyst Justin Patterson last night upgraded Roku (ROKU) to Overweight from Sector Weight with a $115 price target The firm says the combination of a budget shift and the company’s advertising innovation is creating “multiyear tailwinds.” Roku’s partnership strategy can sustain Platform growth and drive faster EBITDA growth than consensus contemplates, the analyst tells investors in a research note. KeyBanc believes the company is benefiting from secular drivers and monetization initiatives. It believes Roku’s “clean exposure” to the connected TV industry provides a compelling risk/reward profile.
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