BUZZ-Wells Fargo raises PT on Roblox; shares rise
Roblox RBLX | 0.00 |
** 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
