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Roku Inc. is gearing up for a platform monetization sprint, and investors are starting to tune in. After a strong showing at the JPMorgan U.S. All Stars Conference in London, Roku's management has made one thing crystal clear: it's all about accelerating platform revenue growth.
Shopify Integration Boosts Roku Ads Manager
Roku has launched Roku Ads Manager, a self-service CTV performance solution featuring the first-ever Shopify Inc integration for shoppable campaigns. This new platform is designed to help direct-to-consumer brands of all sizes easily purchase CTV video ads, offering a familiar buying experience similar to search and social.
Louqman Parampath, Roku's VP of Product Management, emphasized the platform's advantage: "Roku Ads Manager is uniquely positioned to offer data, optimization, and ad formats that no other CTV self-serve solution has." The integration with Shopify enhances reach for merchants, creating a new sales channel with shoppable ads.
Roku Management Doubling Down On Partnerships
With management doubling down on third-party partnerships and home screen changes, the streaming giant is eyeing a revenue boost that could turn heads as early as the fourth quarter of 2025. Partnerships with The Trade Desk Inc are also nearing completion, positioning Roku for potential ad revenue growth.
While Roku's CFO Dan Jedda and IR head Conrad Grodd laid out the company's priorities, the spotlight was on how Roku plans to balance revenue expansion with profitability. With platform growth initiatives set to be funded by reallocating existing operational expenses (nearly $2 billion in 2024), Roku is aiming to keep its spending lean.
This belt-tightening has led JPMorgan's Cory Carpenter to raise his price target on Roku from $80 to $90, citing increased confidence in the company's ability to grow earnings without breaking the bank.
Needham’s $100 Price Target Adds More Fuel To The Fire
Adding to the optimism, Needham has upgraded Roku’s price target to $100, reiterating their Buy rating. Analyst Laura Martin emphasized Roku’s strong strategic position in the U.S. over-the-top (OTT) and connected-TV (CTV) ecosystems.
With Roku devices now in 50% of U.S. broadband homes, the company is the largest streaming distribution platform, making it highly attractive to advertisers.
According to Needham, Roku benefits from a total addressable market (TAM) of around $62 billion in traditional linear TV advertising revenue for 2023. Roku's impressive cost control and tactical moves to become an “arms dealer” of streaming—similar to how Apple's iOS platform operates—reinforce Needham's bullish outlook.
This potential, combined with its large CTV ad inventory and projected industry growth of 15-17% in 2024, paints a picture of significant valuation upside.
Technicals Point To A Strong Bullish Run—For Now
On the technical front, Roku is flashing bullish signals, with its stock price of $74.67 above key moving averages.
Chart created using Benzinga Pro
However, some selling pressure indicates a possible risk of bearish movement in the near future, so cautious optimism might be the best approach.
Read Next:
Photo: Shutterstock
Latest Ratings for ROKU
Date | Firm | Action | From | To |
---|---|---|---|---|
Feb 2022 | Morgan Stanley | Maintains | Underweight | |
Feb 2022 | Benchmark | Maintains | Buy | |
Feb 2022 | Guggenheim | Maintains | Buy |
View More Analyst Ratings for ROKU
View the Latest Analyst Ratings
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Markets are bouncing Wednesday afternoon following the Federal Reserve’s decision to cut rates by 0.5%, marking the beginning of the central bank’s highly anticipated cutting cycle.
What To Know: Wednesday’s 0.5% rate cut brings the target fed funds rate to a new range between 4.75% and 5%, down from a 23-year high of 5.25% to 5.5%. It’s also the first rate cut since March 2020.
The fed funds rate has been sitting at a range between 5.25% and 5.5% since the central bank last hiked in July 2023.
The SPDR S&P 500 , which tracks the S&P 500 index, was up 0.39% at last check, led higher by a variety of names like Arm Holdings Plc , The Trade Desk Inc Toyota Motor Corp , General Motors Co and Marriott International .
The materials sector, as tracked by the Materials Select Sector SPDR Fund , was showing the most strength at the time of writing, climbing approximately 0.6% following the Fed decision. The energy sector, tracked by the Energy Select Sector SPDR Fund , was the weakest, down 0.3% following the rate cut. Energy stocks had performed well on Wednesday ahead of the Fed decision, which may explain some of the relative weakness in afternoon trading.
Here’s a look at how various ETFs tracking the price-weighted Dow Jones Industrial Average, tech stocks, small caps, treasuries and gold are faring following the Fed’s latest move.
It’s also worth noting that crypto markets are volatile following the Fed decision on rates. Bitcoin was down 0.86% over a 24-hour period, trading at $60,480, but well off its lows for the day, and Ethereum was down 1.79% at $2,322.
Check This Out: Federal Reserve Delivers Bold 0.5% Rate Cut, Signals Further Easing Ahead
The increased volatility is likely a result of uncertainty heading into the meeting. According to CME’s FedWatch tool, the market was projecting a 61% chance of a larger 0.5% rate cut heading into the meeting versus a 39% chance of a smaller 0.25% cut.
As reported by Benzinga, the updated quarterly Dot Plot, which helps signal the Fed’s future policy intentions, indicates a more aggressive path for rate cuts than previously projected following Wednesday’s 0.5% cut. The median projection now calls for a total of 1% in rate cuts in 2024.
SPY Price Action: At the time of publication, the SPDR S&P 500 was up 0.39%, trading at $565.30, according to Benzinga Pro.
Read Next:
Watch Fed Chair Jerome Powell‘s press conference here:
This illustration was generated using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
PubMatic PUBM shares have lost 10.4% year to date against the Zacks Computer and Technology Sector and S&P 500 index’s return of 19.5% and 18.1%, respectively.
PubMatic stock has also underperformed the Zacks Internet - Software industry’s return of 15.7% in the same time frame. The underperformance is mainly due to PUBM stock’s sharp decline following its missed revenue estimates for the second quarter of 2024.
However, PUBM is constantly winning big clients, implying the company’s ability to gain market share. PubMatic recently secured a Supply Path Optimization (SPO) deal with a global healthcare giant, Haleon. PUBM will execute SPO for Haleon’s media investments where it will streamline access to video, display and connected TV inventory while promoting sustainability in media investments.
Haleon will also leverage PUBM’s transparent bidding services and have direct access to inventory sources, where it will bypass unnecessary intermediaries to reduce costs and carbon footprint. The collaboration will enable Haleon’s data-driven decisions, ramp up media impressions and increase the efficiency of ad campaigns.
Deal Wins to Aid PubMatic’s Prospects
PUBM is constantly increasing its clientele in the SPO category where it has also signed a deal with Netherland-based Omnicom Media Group and another consumer electronic company, Roku ROKU. Another major deal includes PUBM’s collaboration with Disney’s DIS Diney+ Hotstar to expand the latter’s advertising reach in India.
Roku recently integrated PUBM’s expertise into its Roku Exchange platform. ROKU is leveraging PUBM’s expertise in the SPO and Activate platform to increase the usage of its ad inventory. The deal with Disney is leveraging PUBM’s solutions for programmatic monetization of content in several buying channels. This also includes private marketplace and programmatic guaranteed campaigns.
PubMatic YTD Performance
In the second quarter of 2024, PUBM added Roblox and Rapido to its clientele. Other major companies like Netflix NFLX and NBC are opening up programmatic access to their high-end inventory through PUBM’s solutions.
The continuous flow of contracts will drive PubMatic’s top-line growth. The Zacks Consensus Estimate for 2024 and 2025 suggests revenues to grow in the high-single-digit percentage range.
Near-Term Headwinds for PUBM Stock
PUBM is also facing some macroeconomic headwinds due to the high inflation, higher interest rates and geopolitical tensions forcing enterprises to delay their IT spending.
One of PubMatic’s major DSP clients also revised the bidding approach, affecting PUBM’s top line. PubMatic also faces stiff competition in the advertising space from Amazon (AMZN), Google and Meta.
There is direct competition from Amazon’s Transparent Ad Marketplace and Alphabet’s Google Open Bidding that remain a major concern. Google and Amazon, which are much larger entities and command a larger resource base, put enormous pressure on PubMatic.
The Zacks Consensus Estimate for PUBM’s 2024 revenues is pegged at $290 million, indicating year-over-year growth of 8.7%.
Conclusion: Hold PUBM Stock for Now
An uncertain macroeconomic environment and stiff competition might hurt PubMatic’s near-term growth prospects. However, a strong client base of big companies and a steady flow of contracts provide the company with the required stability in the ongoing macroeconomic uncertainties. So, it is prudent for investors to hold PUBM stock for now. PubMatic currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Roku, Inc. shares are trading higher in the morning session on Wednesday.
The company has introduced Roku Ads Manager, a self-service platform tailored for CTV performance.
“In order to meet growth marketers’ needs across all direct-to-consumer brands, we built a seamless solution to buying CTV video ads for brands of any size,” said Louqman Parampath, VP of Product Management, Roku.
As TV ad spending increasingly moves away from linear formats and digital-native marketers seek to expand beyond search and social media, Roku said its Ads Manager will support the success of growth marketers.
The VP noted that Roku Ads Manager is uniquely equipped to provide data, optimization, and advertising formats unavailable in other CTV self-serve solutions, such as native shoppable campaigns with Shopify, while also offering a buying experience similar to that of search and social media.
Also Read: MicroStrategy Raises $875M In Convertible Notes, Plans Further Bitcoin Purchases
Roku Ads Manager offers competitive pricing and spending efficiency by utilizing Roku’s direct premium inventory without third-party fees. Marketers can create interactive video overlays, allowing viewers to send themselves text messages while watching ads.
Additionally, Shopify merchants can launch self-service shoppable ads, enabling consumers to complete purchases directly using their Roku remote.
According to Benzinga Pro, ROKU stock has lost over 14% year to date. Investors can gain exposure to the stock via ARK Next Generation Internet ETF and iShares U.S. Telecommunications ETF .
Price Action: ROKU shares are trading higher by 2.22% to $76.33 at last check Wednesday.
Photo via Shutterstock
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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