Roblox Gains After BofA Restores Buy Rating By


© Reuters

By Sam Boughedda — Shares of Roblox Corp (NYSE:) rose about 2% at the open on Monday following comments from BofA analyst Omar Dessouky, who described the company as a “category leader.”

Roblox is an online gaming platform and game creation system considered a leader in the metaverse media industry.

Dessouky reinstated a Buy rating on the stock with a price target of $84, stating that “Roblox is the category leader and demonstrates concretely to consumers, developers and merchants what the term means.”

The analyst noted that while other online media companies sponsor their own metaverses, Roblox has no “old media” companies to cannibalize, and it invests 100% of its resources towards leadership on eight. well-defined metaverse criteria.

Dessouky added that the metaverse category could eventually encompass parts of social media, video streaming and video games, as well as revenue streams from advertising and e-commerce.

“Roblox could possibly encompass more than today’s investors can fathom,” he said, concluding that it’s “comparable to the early years of now-dominant platforms.”

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