Roku downgraded to Hold from Buy at Truist

Truist analyst Matthew Thornton downgraded Roku to Hold from Buy with a price target of $50, down from $90. He calls out Roku as having the lowest visibility in the streaming media group, given it has the highest macro sensitivity and toughest accounting, though he also believes this is all "well-known." His issue is that operating expenses are "too high," making valuation "a high hurdle," said Thornton, who notes his own forecasts are roughly in-line with consensus for 2023 platform, above and below, respectively, for hardware revenue and gross profit, and below for EBITDA.