BTIG raised the firm’s price target on Roblox to $51 from $47 and keeps a Buy rating on the shares. The company’s annual developers conference provided bookings and daily active user targets while giving the firm a better feel for how Roblox views its end-market opportunity and the mechanisms for scaling the ad/commerce extensions over the next few years, the analyst tells investors in a research note. BTIG sees Roblox reaping the benefits of successful content discovery and landing page adjustments, driving faster bookings growth as a result of a better user experience and ramping engagement and monetization, the firm added.
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