Digital media players producer for streaming platforms Roku, Inc. (NASDAQ:ROKU) recently announced new plans to expand its TV Ready Certification program to offer users a better viewing experience.
Following the news, shares of the company declined 2.8%. The stock slipped further to close at $223.72 in the extended trading session.
With new partners like Polk Audio and Westinghouse joining in early 2022 and existing partners like Bose, Hisense and TCL North America, the enhanced TV Ready program will be able to offer a wide range of services, along with simplifying the viewing experience for users.
Specifically, Roku TV Ready program makes it easy for A/V and consumer electronics companies to enhance their audio products to support seamless setup, single remote operations, and easy access to home theater settings on screen when connected to a Roku TV.
The President of Product Strategy at Roku, Mark Ely, said, “We have been thrilled to see the rapid adoption of Roku TV Ready among leading brands, both in the U.S. and now internationally. Whether you are a soundbar manufacturer interested in providing your customers with a seamless home theater experience or would like to integrate Roku’s wireless audio technology, Roku makes it easy for manufacturers to utilize Roku technology to deliver great easy-to-use products that customers love.”
Recently, Loop Capital Markets analyst Alan Gould reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $410 to $300, which implies upside potential of 33.5% from current levels.
Consensus among analysts is a Strong Buy based on 16 Buys, 2 Holds and 2 Sells. The average Roku price target of $362.11 implies upside potential of 61.1% from current levels. Shares have declined 33.6% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on ROKU. Further, 2.1% of portfolios tracked by TipRanks reduced their exposure to ROKU stock over the past 30 days. Download the mobile app now, available on iOS and Android.