Needham analyst Laura Martin raised her price target on Roku to $65 and kept her Buy rating after its beat-and-raise Q4 and FY19 guidance. The analyst notes that the company "over-delivered" on revenue thanks to the 21% sales increase in the Player segment, also generating positive EBITDA that grew 70% from last year. Martin further cites Roku's 60% increase in total streaming hours, 7.8M increase in active users, and its doubled rate of monetization of ad impressions made in 2018. The analyst also sees the opportunity in advertising for Roku, since the product is available in 10M homes without a linear TV bundle.

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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%.