Cannonball Research analyst Vasily Karasyov upgraded Roku to Buy from Neutral with a $116 price target. The analyst believes “room for upside” to fiscal 2024 consensus estimates is enough to allow for more meaningful upward estimates revisions than the firm has seen in recent quarters. The upgrade is not based on an expectation of an improvement in the advertising market trends. Instead, Cannonball assumes a continuation of the trends sees since Q2 of fiscal 2022. Consensus estimates for fiscal 2024 appear to be doable with room for upside if trends don’t deteriorate, the analyst tells investors in a research note.
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