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Roku stock dips after Wells Fargo downgrade

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Roku stock dips after Wells Fargo downgrade
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Shares of Roku Inc. are down 2.5% in premarket trading Friday after Wells Fargo analyst Steven Cahall downgraded the stock to equal weight from overweight. He also lowered his price target to $350 from $488. While Cahall still thinks that Roku has a "long runway" to improve its average revenue per user (ARPU), he said that this opportunity is now better understood by investors and thus reflected in many estimates. He noted that Roku's ARPU beat for the second quarter "slowed a lot" relative to t