The Fly

Roblox assumed with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Matthew Cost assumed coverage of Roblox with an Equal Weight rating with an unchanged price target of $35. Roblox reported stronger than expected results for Q3 top line, EBITDA and October key metrics, but he believes that market expectations for October bookings had risen to greater than $240M, leading to a meaningful miss of those expectations, Cost tells investors. He has raised his FY22 and FY23 bookings estimates by 2% and 3%, respectively, and now will be watching for sustained bookings acceleration through year-end and "any learnings ahead of the immersive ads launch," Cost said.

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