Shares of Roku (NASDAQ:ROKU) are higher today, which can be attributed to an analyst upgrade. Ruplu Bhattacharya of Bank of America (NYSE:BAC) changed his rating from Sell to Buy while assigning a price target of $85 per share. For reference, his previous price target was $45 per share.
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Bhattacharya seemed to be impressed with the company’s strong earnings report, which caught many by surprise. Bhattacharya pointed to several factors for the upgrade, such as ad spending bottoming out in some verticals, low expectations from Wall Street, and an increased focus on cost control.
Overall, Wall Street analysts have a consensus price target of $69.53 on ROKU stock, implying less than 1% upside potential, as indicated by the graphic above.