- BofA analyst Omar Dessouky reinstated coverage of Roblox Corp. (NYSE: RBLX) with a Buy rating and price target of $84, qualifying the company as a “category leader” in the emerging media category “Metaverse.” The price target implies a rise of 20.8%.
- Roblox has no “old media” companies to cannibalize and invests 100% of its resources exclusively towards leadership on eight well-defined Metaverse criteria.
- Related Content: YouTube Talks Metaverse, Blockchain Plans Trigger Facebook Rivalry
- Dessouky thinks “Metaverse” as a category could eventually encompass parts of social media, video streaming, video games, and advertising revenue streams as well as e-commerce.
- With “Metaverse” as a category early in its adoption cycle, Dessouky compares Roblox as “comparable to the early years of now-dominant platforms” such as Apple Inc. (NASDAQ:AAPL), Microsoft Corp. (NASDAQ: MSFT), Amazon.com Inc. (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, and facebook inc. (NASDAQ: FB).
- Price Action: Shares of RBLX traded up 4.04% to $69.51 when last checked on Monday.
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|March 2022||German Bank||Initiates coverage on||To buy|
|February 2022||Truist Titles||Maintains||To buy|
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