BUZZ-Wells Fargo raises PT on Roblox; shares rise

Roblox

Roblox

RBLX

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** Shares of video game developer Roblox RBLX.N rise 1.5% to $55.15

** Wells Fargo raises PT to $56 from $55, implying 3.1% upside to the stock's last close

** Brokerage says it is "encouraging that June 16 age-based rollout has not appeared to impact engagement," says growth deceleration is "likely to persist as Grow a Garden 2 early trajectory does not suggest a major hit"

** Says co's probation/paywall "could add friction to discovery/scaling of new viral hits, particularly from long-tail/indie developers"

** Brokerage continues to monitor the age-based account rollout as a potential source of engagement friction in the second-half of the year

** 23 of 38 brokerages rate the stock "buy" or higher and 15 "hold"; their median PT is $60, data compiled by LSEG

** Including session's moves, stock down about 32% YTD