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Why Roku Stock Soared Today

TheMotleyFool

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Shares of Roku (NASDAQ: ROKU) have soared today, up by 12% as of 1 p.m. EDT, after Berenberg initiated coverage of the streaming TV company with a buy rating. The firm assigned a price target of $137, representing about 21% upside from yesterday's close.

Berenberg suggests that Roku is uniquely positioned to benefit from ongoing cord-cutting, as well as intensifying competition in the streaming wars, since Roku is an agnostic tech platform that offers a wide variety of over-the-top (OTT) streaming services. The COVID-19 pandemic is hurting the advertising market -- which Roku conceded earlier this week -- but those headwinds are expected to be short-term in nature.

Image source: Roku.

Source Fool.com

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