Roku Inc. (ROKU) got a nice lift Thursday, and it's not hard to see why. When two different Wall Street analysts decide to get more optimistic about your stock on the same day, people tend to notice.
Jefferies analyst James Heaney kicked things off by upgrading Roku to Buy and bumping the price target from $100 to $135. Not to be outdone, Wedbush analyst Alicia Reese reiterated her Outperform rating and raised her target from $115 to $130. The consensus among analysts now sits at a Buy rating with an average price target of $109.27.
The Technical Picture Looks Solid
Beyond the analyst enthusiasm, Roku's chart is telling an interesting story. The stock is trading comfortably above its key moving averages, sitting 9.1% above its 20-day simple moving average, 7.3% above its 50-day, and 10.7% above its 100-day. That's the kind of positioning that makes technical traders smile.
The Relative Strength Index is currently at 61.54, which is right in the sweet spot. It's not overbought territory, meaning there's potentially more room to run before things get overheated. The MACD is sitting above its signal line too, another indication that bullish momentum is intact.
For traders watching the levels, key support appears around $91.50, while resistance is hanging out at $107.50. If the stock can punch through that resistance, it could open the door for more upside. On the flip side, a drop toward support might signal the party's cooling off.
Something worth noting: back in July, Roku posted a golden cross when its 50-day moving average crossed above the 200-day. That's typically viewed as a bullish signal that can indicate the start of a sustained upward trend, and so far, that's played out nicely.
The Bigger Picture
Zooming out, Roku has gained 29.26% over the past 12 months, which is a pretty respectable showing. The stock recently hit a swing high of $116.66 on October 31, and it's currently trading near that level. That positioning near the upper end of its 52-week range suggests the streaming platform has been building real momentum.
The overall technical setup points toward continued strength in the near term, assuming the broader market cooperates. For traders, the key will be watching whether Roku can break through resistance or if it needs to consolidate at current levels before making another move higher.
At the time of publication Thursday, Roku shares were up 1.27% at $106.70.