Roblox Seen Laying Groundwork for Growth

Dow Jones03:10

1510 ET - Roblox used its annual developers conference to highlight expansion of its catalog to browser and App Store-based games, an offline playing option, and an AI game development tool for non-technical creators, Wedbush says in a note. The company needs to retain developers and show investors a path back toward accelerating growth, and its updates at the conference were a start, the analysts say. "Roblox has a substantial opportunity ahead and is laying the groundwork well," they write. "We need more evidence on the monetization side, and specifically on the timeline for these initiatives to show up in bookings, before turning more constructive." They keep a perform rating but raise their price target to $48 from $40. Wells Fargo and Bank of America also lift their price targets on the stock. Shares gain 11%.

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