Roku's Growth Potential: Buy Rating Backed by Revenue Upside and Cost EfficiencyWe see upside to Street’s 15% y/y 2026 Platform rev, with a 20%+ upside case possible given DSP ramps (Amazon, continued TTD), political tailwinds, subscription momentum, and home screen revamp optionality. With management's continued focus on cost discipline (MSD % opex growth can support multi-year DD% revs), ROKU offers one of the cleanest revision stories in internet heading into 2026. and raising PT to $135 (from $100) on 22x FY27 EBITDA. Platform revenues upside case of 20%+ in FY26. Street 2026 Platform revs of 15% y/y look conservative given DSP ramps (AMZN/continuation of TTD benefit), political tailwinds, subscription growth (Premium and Howdy/Frndly tailwinds), and the home screen revamp next year as upside optionality.