Roku Stock Keeps Hitting All-Time Highs
The stock of Roku (NASDAQ: ROKU) hit another all-time high shortly after Monday's open. It gave back all of those gains -- and then some -- a couple of hours into the trading day, but that's just how the volatility rolls for the streaming video pioneer that happens to be this year's hottest tech stock.
The catalyst kicking off the new week with a short-lived pop is a rosier spin by SunTrust analyst Matthew Thornton, who boosted his price target on the shares from $63 to $160. Thornton concedes that he was wrong to stay on the sidelines during Roku's massive run in 2019. And he is now more upbeat in sizing up Roku's execution, fundamentals, and strategic value as it becomes the investing community's top play for the cord-cutting revolution. But this doesn't mean that Thornton is now bullish on Roku.
He's sticking to his neutral hold rating on the shares. Thornton will meet with Roku CFO Steve Louden later this week, but he remains skeptical about the stock's valuation after its wealth-altering gains this year. Thornton doesn't feel that near-term expectations for Roku's fast-growing platform revenue are conservative. Lifting his price goal on the stock from $63 to $160 may seem like quite the catapult, but even his new target was 6% below where the stock finished at the end of last week.
Source Fool.com
