3 Reasons to Buy Roku Stock in 2024
Does streaming giant (NASDAQ: ROKU) finally have its mojo back? On the one hand, the company substantially outperformed the otherwise high-flying broader market in 2023. However, after it rose by more than 60% over the trailing 12 months, some investors might worry that they missed the boat. The good news is that they haven't: There are still excellent reasons to buy Roku's shares this year and hold them for the long haul. Let's consider just three of them.
Roku provides a platform for accessing the most prominent streaming services in one convenient location. As streaming continues to grab a higher share of viewing time, Roku will benefit since that will mean more people are glued to their screens, attracting more advertisers. It is no secret that streaming has been rising in popularity for years. The convenience it offers compared to cable and the ability to binge-watch shows on multiple devices are two of its selling points.
However, streaming likely hasn't peaked yet, especially outside the U.S. In November, streaming accounted for 36.1% of television viewing time in the U.S., up from 32.4% in November 2022. The worldwide opportunity remains vast -- the U.S. is one of streaming's most penetrated markets -- and it will provide a tailwind for Roku for years. In other words, entering 2024, the company still has significant growth opportunities ahead, which is a good reason to consider buying the stock.
Source Fool.com
Roku Stock
Currently there is a rather positive sentiment for Roku with 29 Buy predictions and 7 Sell predictions.
With a target price of 93 € there is a hugely positive potential of 70.99% for Roku compared to the current price of 54.39 €.
