Roku price target lowered to $90 from $102 at DA Davidson

DA Davidson analyst Tom Forte lowered the firm’s price target on Roku (ROKU) to $90 from $102 and keeps a Buy rating on the shares. The firm is encouraged by additional signs of stabilization for the digital advertising market, most notably recent comments by Snap (SNAP) and previously from Pinterest’s (PINS) analyst day in September, but it also adjusts its model on the stock with “more realistic” expectation given the sustained macroeconomic challenges, the analyst tells investors in a research note. DA Davidson is also reducing its out-year sales growth forecast for the company to 10% from 16%, the firm noted.