Shares of Roku (NASDAQ: ROKU) charged out of the gate Friday, jumping as much as 14.2%. As of 12:34 p.m. ET, the stock was still up 12.3%.
The catalyst that propelled the streaming video pioneer higher was an upgrade and bullish commentary from a Wall Street analyst.
A compelling opportunity
Guggenheim analyst Michael Morris upgraded Roku stock to a buy from neutral (hold) while raising his price target to $75. For investors keeping track at home, that represents potential upside of 21% for investors compared to Thursday’s closing price.
The analyst believes investors have been missing the forest for the trees but expects that to change when Roku reports its financial results in November. The company has been making progress on multiple fronts. Roku has been increasing the video advertising revenue from its streaming platform, thanks to partnerships with third-party demand-side platforms…
