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Benzinga
Benzinga
Anusuya Lahiri

THE TRUTH ABOUT: Abercrombie snap s downward guidance revisions trigger doubts over roblox s prospects says keybanc | History Defined

Roblox Keybanc SNAP NYSE RBLX Roblox Corp
  • KeyBanc analyst Tyler Parker revisited the Roblox Corp (NYSE:RBLX) story ahead of the May metrics report expected on June 15. 
  • The revisit followed negative guidance revisions for both Abercrombie & Fitch Co (NYSE:ANF) and Snap Inc (NYSE:SNAP) in recent weeks. Both companies focused on a demo skewing toward Gen Z.
  • Looking at Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Trends searches with relevant correlations, Parker believed May bookings were at risk of coming in weaker-than-expected. 
  • Recent trends reinforced the idea that Parker needed to see evidence of a reacceleration in the numbers before underwriting it with confidence. 
  • Parker said the new monetization initiatives outlined last quarter were encouraging. However, the most meaningful initiative, advertising, remained more in the midterm.
  • Parker acknowledged growing concerns that Snap's recent disappointing quarterly report and outlook did not bode well for Roblox.
  • The disappointing outlook triggered concerns over signs of pressure on the discretionary income of younger demographics relevant to Roblox.
  • Parker remained Sector Weight. 
  • Price Action: RBLX shares traded higher by 5.66% at $33.26 on the last check Wednesday.
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