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Kalkine Media ASX Share Market News & Research

Should you buy Roku stock ahead of its earnings today?

July 27, 2023 11:20 PM IST | By Invezz
Should you buy Roku stock ahead of its earnings today?
Image source: Invezz

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Roku Inc (NASDAQ: ROKU) has already gained a whopping 70% this year but a Bank of America analyst says it may not be done pleasing its shareholders just yet.

Roku stock has upside to $85

On Thursday, Ruplu Bhattacharya reiterated his “buy” rating on the streaming-media company. His $85 price objective suggests another 22% upside from here.

In his research note, the analyst agreed that scatter ad market wasn’t particularly exciting at present but added:

Some verticals likely showing incremental improvement including travel, health, automotive, and quick serve restaurants.

Roku stock is also in focus today because the company is scheduled to report its Q2 results after the bell. Consensus is for it to lose $1.28 a share this quarter versus 82 cents per share a year ago.

Roku is committed to positive EBITDA

Confidence in the management team also contributed to Ruplu Bhattacharya’s positive view on the tech stock.

He’s convinced that the Nasdaq-listed firm can capitalise on its scale to be more attractive to advertisers which could help it outperform the ad market at large.

Roku stock could also benefit if the company delivers on its commitment to positive adjusted EBITDA in 2024. Its active accounts growth in recent quarters has been healthy as well.

Earlier this month, the California-based company partnered with Shopify to enable its users to conveniently shop from their television sets (find out more). Other notable Roku bulls include the Founder and Chief Executive of Ark Invest – Cathie Wood.

The post Should you buy Roku stock ahead of its earnings today? appeared first on Invezz.

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