Wells Fargo raised the firm’s price target on Roblox to $54 from $46 and keeps an Overweight rating on the shares. The firm is raising its Q3 total bookings estimate to above guide on strong engagement, noting however that the market continues to question the durability of engagement strength. Wells Fargo further notes that it sees another strong quarter, adding that healthy guidance by Roblox management will also be constructive to investor confidence.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RBLX:
- Game On: Tencent, Guillemot family weigh taking Ubisoft private
- Roblox (NYSE:RBLX) Shares Drop as Hindenburg Alleges Inflated User Metrics
- PepsiCo reports mixed Q3, Roblox slips after short report: Morning Buzz
- WPP, Roblox strike new global advertising partnership, Digiday reports
- Roblox ‘totally’ rejects short report claims in statement to Bloomberg