Roku (NASDAQ:ROKU) stock is rising higher on Thursday thanks to a new price prediction that traders are surely pleased with.
Guggenheim analyst Michael Morris is behind the positive news for ROKU stock today with a new price target and rating. Starting with the price target, he expects the stock to reach $395 per share.
For comparison, the consensus price target from 22 analysts’ ratings is $451.79 per share. It’s also worth noting that Morris’ price prediction represents a potential 22% increase over the stock’s closing price of Wednesday.
Of course, that price target also comes with a new rating for ROKU stock. The Guggenheim analyst bumps shares of ROKU up from a neutral rating to a new buy rating. That matches the analysts; consensus, which comes from 20 buy ratings, one hold rating, and a single sell rating.
So why is Morris taking a bullish stance on ROKU stock? Here’s a portion of his letter to investors sourced from CNBC.
“We expect the connected television (CTV) ad marketplace will continue to grow at a rapid pace and that Roku will be a primary beneficiary—this view is unchanged. However, we see the value in the company’s incremental international expansion, potential for additional targeted marketing partnerships and expanded advertising tools as underappreciated.”
Roku stock is seeing a decent amount of trading today on the new price prediction. As of this writing, nearly 4 million shares of the stock have changed hands. That’s quickly approaching the company’s daily average trading volume of 4.2 million shares.
ROKU stock was up 3% as of Thursday afternoon.
There’s more stock market news from today below!
Traders looking for the latest stock coverage are in the right place. We’re covering the market today with dives into what’s affecting Canoo (NASDAQ:GOEV), Blackberry (NYSE:BB), and Eargo (NASDAQ:EAR) shares. You can find out all about these stocks at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
