Roblox Analyst Turns Bullish As 'Trends Appeared To Materially Pick-Up In March'
Portfolio Pulse from Priya Nigam
JPMorgan analyst Cory Carpenter upgraded Roblox Corp (NYSE:RBLX) from Neutral to Overweight and raised the price target from $41 to $48, citing over 20% bookings growth in the past four quarters and a positive trend in March. The company aims for 100 to 300 basis points of annual margin expansion over the next three to five years. Roblox's shares were up 5.06% to $36.70 following the upgrade.
April 23, 2024 | 3:11 pm
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Roblox Corp upgraded by JPMorgan from Neutral to Overweight with a price target increase from $41 to $48, following strong bookings growth and positive trends in March.
The upgrade by JPMorgan, a major financial institution, reflects a positive outlook on Roblox's financial health and growth prospects, particularly noting the company's consistent bookings growth and management's margin expansion targets. This endorsement is likely to boost investor confidence, contributing to a positive short-term impact on RBLX's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100