Canaccord Genuity analysts initiated coverage on Roblox (NYSE:RBLX) with a Buy rating and a $48.00 price target, noting the company’s transformation into a leading platform for immersive gaming and social interactions.
The analysts highlighted the company’s ongoing investments in realistic avatars and communication features, attracting skilled users and prominent brands.
The analysts see the potential for advertising to drive growth, and despite volatility in shares since going public in early 2021, believe strategic initiatives and the metaverse can further boost the company’s success.