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Roblox Price Target Cut By BofA

By Sam Boughedda

Investing.com -- Roblox Corp (NYSE:RBLX) shares fell 12.5% on Thursday after BofA analyst Omar Dessouky cut the price target to $46 from $71.

In a note to clients, the analyst said that they now revise first-quarter bookings estimates for Roblox to -3% year-over-year and second-quarter estimates to 0% year-over-year from +23%. In addition, they cut second-half growth to 15% YoY from 27%.

Dessouky added that previous estimates "appear too optimistic," and they are now 6% below the Street and in line with the full-year consensus.

Despite the price target cut, BofA retained its buy rating on the stock because it expects year-over-year growth to "trough in April, potentially
attracting new money into the stock."

For the year-to-date, the stock has declined over 70% after surging in November 2021.

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