Roku Stock Drops 8% After Analyst Warns of Ad Market Weakness Through End of Year
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Roku stock fell 8% after analyst warned of more ad market weakness through end of year.
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Analyst Steve Cahall lowered Roku price target to $70 from $84 due to ad market concerns.
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Cahall expects softer Q4 guidance from Roku due to reduced ad spending and Hollywood strikes.
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Analyst cut Q4 platform revenue estimate by 1% to $780M, below expectations.
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Roku stock down 17% over past 3 months but up 50% since start of year.