Jefferies lowered the firm’s price target on Roblox to $34 from $38 and keeps a Buy rating on the shares. The current set-up into the quarter “appears to be a tricky one,” the analyst tells investors. Current 3rd-party data and the firms analysts fall short of the 20% net bookings growth required to see a positive margin inflection by 1Q24, Jefferies says. On the other hand, potential catalysts include: DAUs look healthy, advertising is ramping up, PS launch is imminent, and an analyst day is scheduled for 11/15.
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