Piper Sandler raised the firm’s price target on Roblox (RBLX) to $54 from $48 and keeps an Overweight rating on the shares. Piper’s survey of 13,000 teens across the U.S. found that TikTok and Facebook’s (FB) Instagram both improved their usage leads, while Snap (SNAP) fell again as the favorite app. Roblox’s active users improved materially from the prior survey, the analyst tells investors in a research note. Piper says 46% of teens are actively using Roblox, up12% from the spring survey at ~34% and last year’s 31%. Usage improved across all frequencies, the firm points out. It increased estimates for Roblox following the survey.
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