The analysts at MoffettNathanson changed their rating on Roku (NASDAQ:ROKU) from Hold to Sell, adjusting the price target to $66.00, an increase from the previous $64.00. As a consequence, shares plunged more than 4% intra-day today.

The analysts explained the decision by noting that even with a positive projection of an 18% EBITDA margin by 2025, based on their valuation method, the current stock levels still don’t align with their analysis. This discrepancy has led to the downgrade of Roku’s rating, despite a slight increase in the price target.

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