Evercore ISI’s Mark Mahaney upgraded Roku shares to Outperform from In Line, citing accelerating streaming engagement and improving monetization. In his note, Mahaney pointed to a combination of robust active account growth—up 18% year-over-year in Q4 2025—and rising average revenue per user on the company’s ad business. He argues that Roku’s expanding footprint in the U.S. pay-TV replacement market and the recent roll-out of new ad formats could drive a further 31% gain in valuation over the next 12 months.

At CES 2026, founder and CEO Anthony Wood detailed Roku’s strategy for Howdy, the $2.99-per-month ad-free streaming channel launched in August 2025. Wood emphasized that Howdy targets the underserved low-cost, no-ad segment, especially as legacy streamers have lifted subscription fees and increased ad loads. Although currently exclusive to Roku devices, he confirmed plans to ‘‘take it off-platform,’’ hinting at future mobile, web and smart-TV app rollouts to extend reach beyond the company’s hardware install base.

Technical analysts have noted that Roku recently crossed above its 20-day moving average and has formed what is traditionally called a ‘‘golden cross’’ between its 50- and 200-day moving averages. This pattern, confirmed by rising relative strength and increasing volumes, suggests a shift from short-term consolidation to renewed buying interest. Chart watchers highlight support at the prior breakout level and argue that this setup could attract momentum traders seeking further upside.