MoffettNathanson upgrades Roku to Neutral, sees ‘beat-and-raise’ 2025 story

As previously reported, MoffettNathanson upgraded Roku (ROKU) to Neutral from Sell with a $70 price target as the firm believes 2025 is setting up as “a beat-and-raise story” for Roku. The firm’s long-term thesis on Roku has not changed and it still believes that the multiple at which the stock has been trading is “unwarranted,” though it believes that Roku’s results will be strong and better than expected in the near term and says “it is hard to fight momentum… for now.”