Piper Sandler analyst Thomas Champion initiated coverage of Roblox with an Overweight rating and $54 price target. Roblox is a “unique asset at the intersection of gaming, social, and the Metaverse,” Champion tells investors in a research note. The analyst sees a large global user opportunity for the company and monetization upside versus peers. The advertising opportunity is a catalyst in 2023, and the stock’s premium valuation is justified given the growth opportunity ahead, contends Champion.
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