Roku (ROKU) reported "solid" Q2 results, provided "promising guidance" and is expected to benefit from its expanding partnerships, growing ad inventory and better content recommendations on its platform, Wedbush analysts said in a note Friday.

The company reported Q2 revenue of $1.11 billion, a 15% increase year-over-year, beating analyst consensus. Platform revenue, which includes advertising and content, was the main driver, growing 18% to $976 million as the company's recent acquisition of the streaming service Frndly contributed to this growth, the note said.

Wedbush analysts said they expect the streaming platform company to "continue gaining market share as ad dollars shift from linear TV to connected TV, particularly as advertisers must optimize constrained budgets in 2025."

Wedbush maintained an outperform rating on the stock and raised its price target to $110 from $100.

Shares of the company were down more than 12% in recent Friday trading.

Price: 82.33, Change: -11.84, Percent Change: -12.57