Wells Fargo raised the firm’s price target on Roblox to $54 from $46 and keeps an Overweight rating on the shares. The firm is raising its Q3 total bookings estimate to above guide on strong engagement, noting however that the market continues to question the durability of engagement strength. Wells Fargo further notes that it sees another strong quarter, adding that healthy guidance by Roblox management will also be constructive to investor confidence.
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