Why Roblox Stock Is Up Today
Portfolio Pulse from Erica Kollmann
Roblox Corp (NYSE:RBLX) shares rose after JPMorgan upgraded the stock to Overweight from Neutral and increased its price target from $41 to $48. The upgrade was based on consistent bookings growth over the past four quarters, with an expectation of $927 million in bookings for Q1, indicating a 20% year-on-year growth. Additionally, Benchmark and Stifel reiterated their Buy ratings with price targets of $50 and $53, respectively. Roblox is expected to report a Q1 loss of 53 cents per share with revenue of $922.967 million. The stock closed up 5.83% at $36.30.
April 23, 2024 | 8:37 pm
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Roblox's stock price increased following upgrades by JPMorgan, Benchmark, and Stifel, with JPMorgan raising its price target to $48 due to strong bookings growth. The company is expected to report significant Q1 bookings and revenue.
The positive outlook from JPMorgan, supported by Benchmark and Stifel's continued bullish stance, indicates strong investor confidence in Roblox's growth trajectory, especially in bookings. This analyst consensus, along with the anticipation of Q1 financial results, has likely contributed to the stock's price increase. The upgrades and positive forecasts directly impact investor sentiment, making a short-term positive price movement likely.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100