Roku shares have a quick rebound on Thursday, following Needham analyst Laura Martin’s upped her price target on the stock.
While re-iterating her “buy” rating on the media streaming device maker’s stock, Martin raised the price target to $85 from $65. The analyst indicated several factors supporting her decisions, such as Roku’s user growth opportunities from upcoming streaming platforms of Walt Disney and Apple, advertising revenue to non-linear TV, and possibilities that the company might be acquired.
Shares of Roku gained more than +3% on Thursday - partly offsetting their -14% decline the previous day following downgrades by analysts at Macquarie Research and Loop Capital on overvaluation concerns.