Still very much reeling in the aftermath of the Apple TV+ announcement is this stock...
Shares of Roku Inc. sank again Friday, putting them on track for their worst weekly performance this year, as investors continued to express concern over increasing competition and an extreme valuation.
Last Tuesday, Roku shares tumbled 10.5% after Apple Inc. AAPL, +0.05% unveiled the price for its Apple TV+ service that was half of what was expected. Wlodarczak said that Roku management “deserves a lot of credit” for creating a pure-play over-the-top investment in the move away from traditional cable. But despite the recent pullback in the stock, he believes it remains “dramatically overvalued” following a near than four-fold run up this year.
Meanwhile, most analysts on Wall Street remain bullish, as the average rating of the 17 analysts surveyed by FactSet is the equivalent of “overweight,” and the average price target of $130.69 is currently 8.3% above current levels. On Thursday, Roku unveiled new streaming devices, including new offerings for Canada and the United Kingdom, and introduced a new Roku Express that is 10% smaller and costs less than the older model.
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