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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on ROKU:
- Roku (NASDAQ:ROKU) Stock Continues to Rise; Is It Time to Book Profit?
- Sonos (NASDAQ:SONO) Slips despite a Slew of Planned Releases
- Sonos to compete with Apple and Roku with new products, Bloomberg says
- Roku Stock: Strong Quarter Merits an Upgrade
- Unusually active option classes on open November 3rd
