SNBR - Why Roku American Outdoor Brands and Sleep Number Jumped Today
Major benchmarks climbed on Wednesday, with investors taking the most optimistic view of China's latest move on U.S. trade relations. Chinese officials signaled a willingness to come to terms on a smaller set of less contentious issues, leaving more difficult challenges for later in the process. Even though it seems likely that the White House wouldn't favor that strategy, market participants just seemed happy that China didn't take a more aggressive position. Among individual stocks, there were several sizable gainers. Roku (NASDAQ: ROKU), American Outdoor Brands (NASDAQ: AOBC), and Sleep Number (NASDAQ: SNBR) were among the top performers. Here's why they did so well.
Shares of Roku picked up 9% after the streaming television specialist got positive comments from stock analysts. Macquarie upgraded Roku from neutral to outperform and boosted its price target by $20 to $130 per share. Analysts believe that the company will be successful in its efforts to pull in an international audience, with estimates calling for active subscriber counts to soar from 31 million to 70 million in the next three years. Many had believed that the best times for Roku's stock were behind it, but global expansion could drive another push higher for the streaming company.
Image source: Roku.