(NASDAQ: ROKU) ended 2023 on a strong note, but a muted outlook for 2024 scared investors enough to push the stock 24% lower following the fourth-quarter report.

With shares trading around $63 as of this writing, one analyst thinks the sell-off is a fantastic opportunity. Needham analyst Laura Martin has a buy recommendation on Roku and a price target of $100 per share.

Roku reported healthy growth for its active accounts, platform revenue, and device revenue in the fourth quarter with all three metrics up 13% to 15% year over year. But a 4% decline in average revenue per use (ARPU) and management's warning in the shareholder letter regarding a "challenging [media and entertainment] environment" in 2024 became the focus for investors.

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Source Fool.com