Ken Gawrelski noted that Roblox's 'strong engagement trends' are outperforming expectations, with increased concurrent users and app downloads contributing to a robust user growth forecast.
The analyst emphasized the importance of Roblox's 'expansion of monetization tools' revealed at their recent developer conference, such as the partnership with Shopify to enhance developer earnings.
Gawrelski's positive outlook is reinforced by 'favorable foreign exchange movements' and a strategic pivot towards 'direct response advertising,' signaling significant opportunities within the digital advertising sector.
The maintained Buy rating and raised price target to $54.00 reflect confidence in Roblox's growth trajectory and long-term profitability, based on a solid bookings growth forecast.
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