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Roblox price target lowered to $38 from $56 at Daiwa
Daiwa analyst Jonathan Kees lowered the firm's price target on Roblox to $38 from $56 and keeps an Outperform rating on the shares. During the Q1 earnings call on May 11, Roblox highlighted a return to seasonality, more normalized growth going forward, and bookings growth in the the second half of 2022, all of which "is good news given that investors had uncertainty about timing of the bookings rebound and the reopening trajectory," Kees tells investors in a research note. However, the analyst reduced estimates as he sees reopening meaning less hours engaged and expects greater company spending ahead