Roku (ROKU) is positioned to continue gaining market share as ad spending shifts to connected television, or CTV, from linear TV while the company ramps up platform revenue diversification, Wedbush Securities said in a Monday note.
Wedbush said Roku is set to benefit from its demand-side platform partnerships, high-quality inventory, improved targeting, sports-adjacent ads, and various price points, allowing it to meet advertisers' requirements.
Roku is scheduled to release its Q2 results on Thursday and Wedbush said it expects the company to at least hit its revenue guidance of $1.07 billion. The investment firm also noted potential upside to the guidance from Roku's increasingly diversified business model.
"We think investors will reward the company for taking a balanced approach as it expands internationally, enhances its platform capabilities, and improves The Roku Channel's ad capabilities, all while maintaining expense discipline," Wedbush said.
Wedbush Securities reiterated its outperform rating and $100 price target on Roku.
Shares of Roku were up about 3% in recent trading Monday.
Price: 92.92, Change: +2.80, Percent Change: +3.11
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