Citi raised the firm’s price target on Roblox (RBLX) to $82 from $63 and keeps a Buy rating on the shares. Since Q3 earnings, Roblox shares have appreciated from $42 to $70, primarily to 34% bookings growth in the quarter, the analyst tells investors in a research note. The firm believes new experiences, like Dress to Impress and RIVALS, played a role in driving the bookings growth. However, Citi believes much of the growth was based on platform enhancements, not just new experiences. “To us, that’s bullish,” the firm contends.
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