Netflix Debacle Takes Another Victim in Roku Stock
The shocking downturn of$Netflix (NFLX.US)$this week is pulling other streaming stocks down in its wake.Now you can count$Roku Inc (ROKU.US)$among one of the victims. Roku is down another 5% today, continuing a slide that began when$Netflix (NFLX.US)$reported its first drop in total subscribers in a decade on Tuesday night.Since Netflix's earnings call, Roku is down nearly12%overall, adding more kindling to the brush fire that is a54%loss so far in 2022.
Benchmark analyst Daniel Kurnos dropped his firm's price target on Roku stock from $305 to $240 today, although he maintains a "buy" rating on the share. Kurnos cited what he called the$Netflix (NFLX.US)$"debacle" and said that Roku may underperform analysts' expectations for the next two quarters. But, he said, Roku is what he calls a neutral player in the streaming space, as it provides platforms for ,$Disney (DIS.US)$,$Apple (AAPL.US)$Apple TV and other streaming services to reach customers who don't have smart TVs.
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