BMO Capital raised the firm’s price target on Roblox (RBLX) to $95 from $82 and keeps an Outperform rating on the shares. The firm says Sensor Tower mobile data indicates accelerating Q2 quarter-to-date Roblox daily active user growth, suggesting upside to guidance and consensus estimates. The analyst believes “Grow a Garden, a new hit game,” is driving the strong quarter-to-date trends. The game has broken multiple engagement records since its launch on March 25, the analyst tells investors in a research note. As a result, BMO increased its Q2 bookings forecast by 2.9% to $1.216B.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% 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:
- Roblox’s Growth Surge: Analyst Upgrades to Buy with Raised Target Price Amid Strong Engagement and Bookings
- Roblox price target raised to $100 from $85 at Citi
- D-Wave, Amex, Peloton, Fastly, Roblox: Insider Stock Shakeup!
- Roblox algorithm ‘aggressively manipulated’ by fake accounts, says TD Cowen
- Sell Rating Issued for Roblox Amid Concerns Over Discovery Algorithm Manipulation and Inorganic User Activity