Roblox price target raised to $65 from $54 at Piper Sandler

Piper Sandler raised the firm’s price target on Roblox (RBLX) to $65 from $54 and keeps an Overweight rating on the shares. Roblox had an “impressive” Q3 as bookings growth inflected to 34% year-over-year from 22% and and 19% the prior two quarters, the analyst tells investors in a research note. The firm says part of the beat was driven by console users ramping on Playstation, which implies core trends improved materially as well. Piper likes the potential for further estimate revisions, saying Q4 estimates look conservative.