Roblox(US:RBLX) 智通财经网·2025-07-30 08:12Core Viewpoint - Bank of America has significantly raised the target price for Roblox (RBLX.US) from $103 to $133, maintaining a "Buy" rating, citing the success of the game "Grow a Garden" (GAG) as a key driver for this adjustment [1][4]. Strategic Goals - Roblox aims to capture 10% of the global gaming industry, with Q2 bookings expected to exceed previous forecasts, driven by a 30% year-over-year growth prediction [2]. - The management's strategy focuses on expanding the platform beyond its teenage social scene into a broader gaming ecosystem, leveraging innovative features like GAG [2]. Financial Forecasts - For Q3, Roblox's bookings are projected to grow by 23% year-over-year, with potential for significant upside if actual growth approaches the upper limits of buyer forecasts [3]. - EBITDA margins are expected to improve, potentially surpassing the mid-20% range, supported by ongoing cost leverage in IT and services [3]. Growth Framework - The previous growth framework of a minimum 20% compound annual growth rate is being reconsidered due to the unexpected success of GAG, with a general consensus among investors that growth expectations may need to be adjusted upward [4]. - The target price increase to $133 reflects anticipated improvements in profit margins and optimistic projections for free cash flow yields [4]. Cost Structure - Roblox is demonstrating a clear path to optimizing operational efficiency, with operating expense growth expected to remain below revenue growth [5]. - The platform's low barriers for developers to create content are enhancing user engagement and long-term monetization potential [5]. Long-term Potential - Roblox's long-term value is supported by five core advantages: innovative features like GAG, a thriving developer ecosystem, global expansion, continuous technological improvements, and its leadership position in the metaverse [6]. - The company is at a critical juncture for strategic transformation and valuation reconstruction, moving beyond its initial identity as a teenage social platform [6][7].