Roblox (RBLX) users proved more resilient than feared in Q3, while spending per user was likely below expectations, Wedbush Securities said in a note Friday.

The company is scheduled to report Q3 results on Oct. 29.

Wedbush said it would become more constructive on the stock if the re-tuned discovery algorithm translates into monetization or management reinstates its multi-quarter guidance.

The brokerage said its app panel points to Q3 daily active users of 135 million, above its prior estimate of 125 million and the Street consensus of 132 million, driven largely by July's viral game, Steal An Egg.

Wedbush estimates Q3 bookings of $1.65 billion, the upper end of the $1.58 billion to $1.65 billion guidance range, implying a 3.4% average bookings per daily active user decline to $12.25, according to the note.

For full-year 2026, the brokerage estimates bookings of $6.86 billion, compared with the Street's $6.92 billion. For 2027, the brokerage models bookings of $7.60 billion, 2.5% below the Street.

Wedbush kept a neutral rating on Roblox and raised its price target to $55 from $48.

Price: 53.25, Change: -0.71, Percent Change: -1.32