Seaport Research analyst David Joyce upgraded Roku to Neutral from Sell with no price target. The firm’s downgrade last month was more of a valuation call, but this upgrade is due to incremental data points that suggest there could be upside to estimates, the analyst tells investors in a research note. Seaport adds it is “not enthusiastic” about the stock’s valuation at 2.6-times expected FY24 revenue, but also believes that shares may now be within a “more reasonable” trading range.
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