BofA sees improving ad market boosting Roku's outlook as it lifts target
The broker said advertising trends appeared weak in early April but improved as the quarter progressed, easing some of the pressure seen around Roku's first-quarter results. It now sees potential upside to Roku's full-year outlook, helped by structural changes the company has made, including greater flexibility for third-party demand-side platforms.
BofA said Roku's recent agreement with Amazon, which allows advertisers access to Roku's platform-level data, could improve ad performance and planning. The move signals the company's intent to drive greater interoperability across the ecosystem, the note said.
The bank raised its 2025 revenue estimate slightly to $4.59 billion, above Roku's $4.55 billion guidance, and lifted projected adjusted EBITDA to $360 million. It also nudged up 2026 forecasts, citing a better environment for digital advertising and ongoing growth in connected TV.
BofA reiterated a Buy rating on the stock and said Roku remains well-positioned to benefit from broader trends in streaming and CTV advertising, though it noted that fill rates in the ad business remain below 40%, suggesting room for improvement.
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