Roblox price target lowered to $47 from $58 at Raymond James

Raymond James lowered the firm’s price target on Roblox to $47 from $58 and keeps a Strong Buy rating on the shares. Roblox reported Q1 results that were slightly below expectations while guiding well below expectations for Q2 and FY24, the analyst tells investors in a research note. Near-term factors including performance issues on low-end devices and below-expectations content velocity drove lower engagement, and, while still confident in the ability to post 20%+ bookings growth on a multi-year basis, the expectation for FY24 is closer to 15% at the midpoint of the range, the firm says.