Roku Just Got a Price Target Boost From This Analyst

KeyBanc Capital Markets analyst Evan Wingren has given streaming maker Roku a price target hike this week.
The analyst reiterated an “outperform” rating and lifted his price target from $63 to $76.

Wingren wrote in a research report that KeyBanc’s Key First Look database of more than 13,000 shows that Roku’s platform customer base rose 79 percent year over year through March 17. This represented a growth compared to the 64% in the fourth quarter.

According to the analyst, the checks suggest acquisition and engagement within the Roku platform remains strong and higher user interaction represents a “bullish sign for the value of the platform.”

Wingren believes that the company’s strong reach, data and ad stock are likely to continue attracting premium monetization rates compared to “linear and lower quality” over-the-top inventory elsewhere.

The analyst is also not showing concern about Apple announcing its video plans. Wingren says Apple’s plans are on “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,” wrote Wingren.

Roku shares have risen 110.5% year to date through last Friday.