- BofA analyst Omar Dessouky reinstated coverage of Roblox Corp (NYSE:RBLX) with a Buy rating and $84 price target, calling the company the "category leader" in the emerging "Metaverse" media category. The price target implies an upside of 20.8%.
- Roblox has no "old media" businesses to cannibalize and invests 100% of its resources exclusively towards leadership on eight well-defined Metaverse criteria.
- Related Content: YouTube Talks Metaverse, Blockchain Plans Firing Up Rivalry With Facebook
- Dessouky thinks "Metaverse" as a category could eventually subsume parts of social media, streaming video, video games, and revenue streams from advertising as well as e-commerce.
- With "Metaverse" as a category early in its adoption cycle, Dessouky likens Roblox as "comparable to the early years of now dominant platforms" such as Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT), Amazon.com Inc (NASDAQ:AMZN), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, and Facebook Inc (NASDAQ:FB).
- Price Action: RBLX shares traded higher by 4.04% at $69.51 on the last check Monday.
