As reported earlier, RBC Captial analyst Mark Mahaney upgraded Roku to Outperform from Sector Perform and also raised his price target to $70 from $48. The analyst notes that the company's valuation has become more attractive following a 25% pullback in its stock price but believes Roku offers the "best opportunity for upwards estimates revisions". Mahaney cites the company's 22M active members with consistent 46% growth in its accounts and 58% growth in streaming hours, which he calls "some of the strongest" in internet / over-the-top streaming land. The analyst further notes that one in four smart TVs now comes with Roku app pre-installed and one in ten of Millenials can only be reached on TV via their Roku platform.

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Pre-earnings options volume in Roku is 1.7x normal with calls leading puts 3:2. Implied volatility suggests the market is anticipating a move near 12.6%, or $7.87, after results are released. Median move over the past eight quarters is 17.1%.