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Author: Alan LittleDate: 2020-12-18

Roku (ROKU) adds HBO Max to its service, shares rise 3%

Benchmark set a Wall Street high price target for Roku (ROKU) on Thursday after the streaming service agreed a deal to add HBO Max to its platform from Thursday.

Roku (ROKU) shares climbed 3% after a Benchmark analyst forecast a “significant upside surprise in 4Q”, following news that the company had agreed a deal to add HBO Max to its streaming platform.

Daniel Kurnos said that the latest addition is testament to Roku’s “negotiation position” and “leadership” after effectively playing hard ball in talks with HBO Max.

Roku did not bring HBO Max’s app to its service initially, even though it launched in May this year, and talks behind the scenes have been ongoing due to disagreements about data, programming and money.

Roku and WarnerMedia finally announced that an agreement had been reached on Wednesday and that the HBO Max app was set to go live only 24 hours later (Thursday 17th December) on the Roku store.

Customers with a Roku stick can subscribe to all of HBO Max’s programming, which is priced at $15 a month in the US.

This means that blockbuster movie Wonder Woman 1984 will be available to stream this month, and both Dune and The Matrix 4 will debut on the service in the future.

The news was welcomed by Kurnos, who added $110 to a new $410 price target on expectations for greater revenue and earnings in the coming months.

He noted that the agreement was “largely the expected outcome” but praised how Roku had played its hand.

He added that shares should continue to ease higher “as long as numbers remain easily beatable and the short interest remains elevated”.

With the pandemic showing no signs of going away just yet, stay-at-home stocks such as Roku are set to thrive over the winter.

Roku shares have soared 150% for the year to date and were up 3.57% to $337.44 on the Nasdaq on Thursday.

 

 

Source:

http://bit.ly/3alXxfd

http://bit.ly/2KzlPYm

http://on.mktw.net/3mwsrni

 

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