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Shares of streaming devices manufacturer Roku, Inc. (NASDAQ:ROKU) rose in premarket trading on Friday following a positive analyst action.
What Happened: Analyst David Joyce of Seaport Research upgraded shares of Roku from Sell to Neutral. “While our tactical downgrade last month was more of a valuation call, our upgrade now is due to incremental data points that suggest there could be an upside to our estimates,” the analyst said.
As such the analyst moderately raised its estimates for Roku.
“While we are not enthusiastic about the valuation at this level (2.6x ’24E Revenue, with Adj. EBITDA turning positive in 2024), we think that barring a broader-market drawdown, shares may now be within a more reasonable ...