Roku stock rises after Macquarie starts coverage with outperform rating

Shares of Roku Inc.
ROKU, -1.03%
are up 0.5% in Thursday morning trading after Macquarie analyst Paul Golding initiated coverage of the stock with an outperform rating and $49 12-month price target. “Roku’s smart TV penetration is growing rapidly thanks to its licensed Roku OS, which drives higher viewership and leads to growth in ad impressions,” Golding wrote. He’s also upbeat about the Roku Channel, which “curates licensed or partnered content” and generates ad revenue. The Roku Channel is now the company’s 3rd most watched ad-supported channel and will soon be coming to television sets made by Samsung. “We expect it could even expand beyond this,” Golding wrote. Roku shares are down 16% so far this year, while the S&P 500
SPX, +0.27%
has gained 4.1%.


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