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Roblox climbs as analysts launch cover with buy ratings
Roblox (RBLX) – Get a report was up on Monday after several analysts launched a cover of the video game platform with positive ratings a month after the company went public.
The shares of the San Mateo, California company were up 4.7% to $ 70.47 in pre-trade negotiation.
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Bank of America analyst Ryan Gee launched a cover of the company with a buy note and a price target of $ 70.
“RBLX provides exposure to the huge mobile TAM (Total Addressable Market) with lower relative capital risk than what we associate with traditional content creators,” Gee said in a research note. “The blend of social networking, AAA gaming and design software features is unique on mobile, and RBLX sets itself apart from gaming peers by the evolving economy of traditional online marketplaces.
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AAA is an informal classification used for video games produced and distributed by a medium or major publisher, typically having larger development and marketing budgets.
Roblox, Gee said “combines the communication utility of social media with the monetization / engagement of AAA games and has democratized content creation such that every user is a creator.”
Goldman Sachs analyst Michael Ng launched the Roblox cover with a buy note and a price target of $ 81 per share.
Ng said that “the creation and monetization of user-generated content effectively enables RBLX to outsource game development costs to its creators while retaining the economic advantage with a diverse portfolio of content, thereby reducing risk. of success.”
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Morgan Stanley analyst Brian Nowak launched the Roblox cover with an overweight rating and a price target of $ 80.
“We believe that RBLX is still in the early stages of its opportunity to use, as its 33 [million] 20 Daily Active Users (DAU) represent only 6% penetration of around 500 [million] 5-24 years in its current countries, ”said the analyst.
Nowak said the industry’s leading engagement shows how the company “is blurring the lines between social and gaming.”
Truist analyst Matthew Thornton launched a cover of the company with a buy note and a price target of $ 78, saying he believes Roblox “has a strong and defensible position due to an investment. substantial in security and two mutually reinforcing network effects (social and content). “
Roblox debuted on the stock exchange last month at $ 64.50 a share, above the benchmark price of $ 45 set by the New York Stock Exchange.
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