Roku Investor Sentiment Decidedly Negative Into Earnings, Says Analyst
Roku Investor Sentiment Decidedly Negative Into Earnings, Says Analyst
J.P. Morgan analyst Cory A Carpenter reiterated an Overweight rating on the shares of $Roku Inc (ROKU.US)$.
摩根大通分析师科里·卡彭特重申了对摩根大通股票的增持评级 $Roku Inc (ROKU.US)$。
Roku is slated to report first-quarter FY24 earnings on Thursday, April 24.
Roku定于4月24日星期四公布24财年第一季度收益。
There is often noise in the scatter market ahead of the Upfronts (& re-setting of prices). Still, the analyst is yet to see evidence of meaningful scatter improvement, and thus, the analyst noted that the first-quarter revenue upside is likely to mirror that of the fourth quarter (3% beat) vs. Roku's 9% average beat from 3Q22-3Q23.
在Upfronts（和重新设定价格）之前，分散市场中经常会出现噪音。尽管如此，分析师尚未看到有意义的分散改善的证据，因此，该分析师指出，第一季度的收入增长可能反映了第四季度的收入增长幅度（超过3％），而Roku的平均盈利率则为9％。3Q22-3Q23
The analyst noted Roku is likely to guide second-quarter Platform revenue to about 10% Y/Y (vs. 13% guide in first quarter), with the potential for further deceleration in the third quarter.
该分析师指出，Roku可能会引导第二季度平台收入同比增长约10％（第一季度预期为13％），第三季度有可能进一步减速。
The analyst noted the biggest opportunity to re-accelerate Platform revenue is for Roku to improve ad fill rates that are estimated to be at a historically low ~40%.
该分析师指出，重新加速平台收入的最大机会是Roku提高广告填充率，估计广告填充率处于历史最低水平，约为40％。
The analyst recognizes that investors are skeptical in a revenue re-acceleration into potential CPM compression and $Walmart (WMT.US)$ / $VIZIO (VZIO.US)$ merger.
分析师认识到，投资者对收入重新加速到潜在的CPM压缩持怀疑态度， $沃尔玛 (WMT.US)$ / $VIZIO (VZIO.US)$ 合并。
While the analyst is tactically cautious about first-quarter earnings, it is prudent to remain positive on the secular growth of connected TV & Roku's longer-term monetization opportunity.
尽管分析师对第一季度的收益持谨慎态度，但谨慎的做法是对联网电视的长期增长和Roku的长期货币化机会保持乐观。
The catalyst path after first-quarter earnings, according to the analyst, includes Upfronts, with Roku's presentation on April 30, WMT/VZIO regulatory updates, with the Hart-Scott-Rodino expiry on April 29, and potential FTC second request, and Roku guiding to fourth-quarter Platform revenue re-acceleration at third-quarter earnings.
分析师称，公布第一季度财报后的催化剂路径包括Upfronts，Roku将于4月30日发布报告，WMT/VZIO监管最新情况，Hart-Scott-Rodino将于4月29日到期，以及联邦贸易委员会可能提出的第二次请求，以及Roku指导第四季度平台收入在第三季度收益的基础上重新加速。