KeyBanc Capital Markets recently predicted that Roku stock can very well continue to climb after more than doubling in price so far this year.
Roku shares (ROKU) have risen 110.5% year to date through Friday in the wake of its impressive user growth and earnings results, Barron’s reported.
The device maker, which spun off of Netflix in 2008, is also plans to offering premium video channels to customers for a subscription fee as it expands its free streaming video service, Reuters reported.
KeyBanc analyst Evan Wingren on Sunday reiterated his “overweight” rating for Roku shares, citing the lower competitive threat from Apple ’s video-subscription offering, Barron’s reported.
Meanwhile, Apple Inc. (AAPL) attempted to reintroduce itself last week as an entertainment and financial services company that also makes iPhones as it launched a streaming television service, a credit card and an online gaming arcade.
With appearances by Oprah Winfrey and Steven Spielberg, the world’s second-most valuable technology company lifted the curtain on a television and movie subscription service called Apple TV+ that will stream original television shows and movies.
The company’s long-expected plunge into the streaming video war is years behind leaders Netflix Inc and Amazon.com Inc. Apple left out key details such as pricing, making it difficult to judge how its service will stack up against competitors, Reuters reported.
Apple’s “competitive impact likely [is] minimal. Apple’s video strategy highlighted a relatively light original content offering and repackaging of existing content,” he wrote.
“We recommend owning ROKU. We see it as a unique platform play on the growth in long-form, streaming video, with a strong competitive position and improving fundamentals,” he wrote.
Wingren raised his price target for Roku shares to $76 from $63, representing 14% upside to the current stock price.
Meanwhile, Premium channels from CBS Corp’s Showtime, Lionsgate-owned Starz and Noggin from Viacom Inc (VIAB.O) among others will be available to viewers of the Roku Channel, a free video service offered to owners of Roku streaming video devices.
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