Roblox Corp (RBLX)

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Roblox Stock Bounces Back After Bull Note
By: Schaeffer's Investment Research | April 23, 2024

• J.P. Morgan Securities upgraded RBLX to "overweight"

• The stock is down 20.4% in 2024, making for an intriguing entry point

Shares of Roblox Corp (NYSE:RBLX) are 5.2% higher at $36.79 at last glance, following a bull note from J.P. Morgan Securities. The analyst upgraded the video game stock to "overweight" from "neutral" and hiked its price target by $7 to $48, citing significant monetization opportunities and compounding free cash flow.

Up 11.2% over the last six months, RBLX still sports a 20.4% year-to-date deficit. A recent rally attempt was thwarted by the security's 100-day moving average.

Coming into today, the brokerage bunch was mostly bullish, but there's room for some pessimism to unwind. This is because eight of the 23 covering brokerages rate Roblox stock a "hold" or "strong sell."

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