Roblox Stock Has 33% Upside, According to 1 Wall Street Analyst
Roblox (NYSE: RBLX) is coming off a strong year for its interactive content platform. Daily active users hit new highs, and revenue grew 30% year over year in the fourth quarter of 2023. However, there remains skepticism around the company's ability to sustain high growth and monetize the content on its free-to-use platform.
But this could be a great buying opportunity, according to JPMorgan analyst Cory Carpenter. The analyst upgraded the stock from neutral to overweight and raised his price target from $41 to $48. That price target, usually an estimate of where the stock might trade in the next year or so, is 33% higher than the current share price.
The market doesn't want to give Roblox credit for its recent growth streak for a few reasons. First, much of its content is centered around gaming, and the video game industry isn't growing that quickly right now.
Source Fool.com
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