Roblox reports accelerating trends in March, says Needham

Needham analyst Bernie McTernan reiterates a Buy rating and $53 price target on Roblox shares. The company reported on Monday that trends accelerated in March, with DAU growth of 26% and constant currency bookings up 27%, the fastest reported growth for an extended period of time, the analyst tells investors in a research note. The firm, which raised its FY23 bookings estimates by roughly 1%, expects Roblox will be able to continue this trend for the remainder of the year, although a deceleration from March growth.