Shares of Roku Inc. (ROKU) are up 2.8% in premarket trading Monday after KeyBanc Capital Markets analyst Evan Wingren raised his target price on the stock to $76 from $63. His research suggests that Roku users are increasingly using the platform to purchase extra content, "a bullish sign for the value of the platform." Wingren isn't concerned about Apple Inc.'s (AAPL) recent announcements about its video ambitions, given that the company's efforts are focused on a "repackaging" of existing content as well as a "light" slate of original programming. " Seeing this, coupled with its lagging market position in smart players, we're unsure if anything is incrementally competitive with Roku," he wrote. Wingren is also encouraged by the recent news of a partnership with Adobe Systems Inc. (ADBE), which he said highlights Roku's strong position in over-the-top advertising. The stock has gained 111% over the past three months, while the S&P 500 has risen 13%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 01, 2019 08:50 ET (12:50 GMT)
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