Roku price target raised to $80 from $65 at Needham

Needham analyst Laura Martin raised the firm’s price target on Roku to $80 from $65 and keeps a Buy rating on the shares after its better than expected Q4 results and guidance. The stock is a "pure-play" way to invest in growth of the U.S. over-the-top and connected-TV ecosystems, and Roku’s advertising addressable market in the U.S. is the nearly $70B of U.S. traditional linear TV advertising revenue reported in 2022, the analyst tells investors in a research note. Reaching about 150M U.S. consumers as of 2022-end, Roku is the largest premium long-form film and TV content platform for CTV ads, the firm adds.