Roblox price target raised to $53 from $42 at Needham

Needham analyst Bernie McTernan raised the firm’s price target on Roblox to $53 from $42 and keeps a Buy rating on the shares. The analyst cites the company’s better than expected Q4 results and accelerated constant currency bookings growth in January, adding that the strong January results also helped to validate Roblox’s accelerating trends in December. The firm adds that the amount and trajectory of engagement that Roblox platform generates, as well as its future monetization opportunities, are not fully appreciated by the market.