Roku (ROKU) stock is up today after an analyst at Susquehanna upgraded the company’s stock and made some favorable remarks about Roku and the connected TV market.
In a note to shareholders, Shyam Patil cited growth prospects for the company thanks to an improving streaming market, Roku’s competitive position, and positive trends in the connected TV sector as a whole.
“Despite short-term noise, we continue to see Roku as a prime beneficiary of the secular shift of linear budgets, and we believe the long-term connected TV opportunity remains intact.” Investors, Patil said, should expect the company’s best days yet to come.
Patil added that connected TV ad spending will become increasingly important to the bulk of U.S. advertisers. That could be beneficial for Roku because advertising revenue is a significant part of the company’s network revenue. In 2022, the platform saw a 20% increase in income, to $2.7 billion.
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