Roblox price target lowered to $52 from $54 at BTIG

BTIG lowered the firm’s price target on Roblox to $52 from $54 but keeps a Buy rating on the shares. Following the completion of Q3, the firm is adjusting its model, stating that its tracking through Q3 implies 71.4M daily active user count, led by high teens to low 20s y/y growth in July and August sign-ups that is being partially mitigated by September falling in the low-double-digit range, the analyst tells investors in a research note. BTIG adds that its estimates for FY24 and beyond embed a more gradual ramp in monetization benefits from new product initiatives.