Roku stock gains after Needham boosts target to a Street-high $120
Shares of Roku Inc. (ROKU) are up 1.1% in premarket trading Wednesday after Needham analyst Laura Martin hiked her price target on the stock to $120, the highest target on Wall Street. Her prior target was $85. Martin's increased optimism follows a recent Needham panel featuring several other streaming companies, which emphasized to Martin that the company has "unique advantages...because it's an [over-the-top] aggregation platform rather than a single streaming service." She argued that the company can command higher ad prices because of its narrower targeting and strong data on user viewing habits. Martin has a buy rating on the shares, which are up nearly 200% so far this year, as the S&P 500 has risen 12%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 29, 2019 08:34 ET (12:34 GMT)
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