Roblox downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley analyst Matthew Cost downgraded Roblox to Underweight from Equal Weight with a price target of $24.00, down from $27.50. Cost believes the bookings reacceleration in 1H is priced in, with more mixed catalysts ahead, and expects slower growth in 2H and minimal upside from advertising in the near-term, the analyst tells investors in a research note. Cost views North America trends and immersive ads as unlikely to drive further upward revisions this year.