Roblox Corp (NYSE:RBLX) is trading lower Thursday after Jefferies analyst Andrew Uerkwitz maintained the stock with a Hold rating and lowered the price target from $60 to $50.
The Jefferies analyst believes the firm has enough data to update its revenue build by geography segment using user engagement and bookings per user hour.
"This analysis gets us to cautiously optimistic," Uerkwitz said, noting that the next few months of tough comparisons are "likely to obscure rosier projections."
International market monetization is occurring more slowly, he said, adding that combined with difficult comps, Jefferies has modeled limited to no growth for the next several months.
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RBLX 52-Week Range: $39.51 - $141.59
Roblox shares were down 9.87% at $40.04 at time of publication.
Photo: courtesy of Roblox.
