Macquarie analyst Tim Nollen upgraded Roku to Outperform from Neutral with a price target of $130, up from $110. The shares closed Tuesday up $1.75 to $108.00. The shift to connected television viewing that has been underway in the U.S. for the past few years will follow internationally in the coming years, Nollen tells investors in a research note. Roku has built a leading position in the U.S., and its devices will find a "ready market abroad," contends the analyst. However, he believes the bigger growth opportunity may be the company's smart TV operating system integrations. Nollen thinks Roku can grow its user base by three times to over 70M active accounts by 2022, from 31M currently. 72M subscribers by 2022 could drive Platform revenue to $2.3B and overall revenue of $2.7B, nearly tripling from 2019 guidance, says the analyst.

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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%.