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Investing.com — Roblox Corp (NYSE:RBLX) stock hit a new high Wednesday, rising 7% to $125.82, after comments from Morgan Stanley analyst Brian Nowak.
The analyst reiterated an overweight rating and $88 price target on Roblox shares after attending the company’s analyst day.
Nowak outlined several takeaways from the event, including the company’s early leadership in the metaverse “continued innovation to capitalize on materially higher long-term monetization.”
Other key points that stood out to Nowak include a $24 billion+ opportunity in music, the company investing to capitalize on the $252 billion opportunity in education, the investment in developer tools, and the company’s optimization efforts.
Roblox’s management also commented that “in the next 3-5 years, All Brands Will Have a Roblox Strategy,” which the Morgan Stanley analyst said implies the company is looking at advertising agencies having Roblox teams as they usually have social teams.
“We remain bullish RBLX as our model is under review,” concluded Nowak.
