Roblox rallies as price target raised to $40 at MKM Partners

• MKM Partners analyst Eric Handler raised the firm's price target on Roblox (RBLX) to $40 from $28 and keeps a Neutral rating on the shares.
• The company's bookings trends are strengthening faster than expected and his downward revisions, after a disappointing May bookings update were overly pessimistic.
• Strong July bookings seen in the company's Q2 earnings report next week could push Roblox shares even higher after momentum has turned more positive since last month, Handler adds.
• Roblox's SA Quant Rating stands with Hold whereas, Wall St. Analysts Rating says to Buy (8 Very Bullish, 3 Bullish, 1 Bearish).
• Since the start of 2022, Roblox's shares were down around 54%, and over a period of one year, shares were down around 42%.
• Shares are currently +6.27% to $45.62 today.