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JPMorgan: Bullish on Roku's (ROKU.US) revenue outlook, raises target to $92
Generated by AI AgentMarket Intel
Friday, Oct 11, 2024 3:00 am ET1min read
J.P. Morgan raised its Roku (ROKU.US) stock price target to $92 from $90 and reiterated a "buy" rating ahead of the company's third-quarter earnings, to reflect recent positive trends.
The firm raised its third-quarter platform revenue forecast for Roku to 11% from 9% year-on-year (vs. guidance of 9%), and fourth-quarter platform revenue growth to 12% from 11%, based on stable macro/advertising trends and political tailwinds.
Adjusted EBITDA expectations for Roku's third and fourth quarters were raised to $45mn and $25mn, respectively.
J.P. Morgan said in a report on October 10: "Investor expectations have risen, with Roku shares up 40% since the second-quarter results (vs. 6% for the Nasdaq), but we remain positive on Roku's performance, as we expect management to reiterate its outlook for platform revenue acceleration in the fourth quarter of 2025, which we believe has significant upside potential for 2025 earnings/free cash flow expectations."
The stock is down 16% year-to-date, while the S&P 500 is up 21%.
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