Roku Inc. (NASDAQ:ROKU) shares rose more than 5% intra-day today after Wolfe Research analysts upgraded the stock to Outperform from Peerperform, setting a price target of $93. The upgrade stems from the analysts’ belief that Roku’s risk profile has improved, despite its reputation as a high-risk stock due to its high beta, lack of profitability, and evolving business model. They highlighted that the company's efforts to streamline costs, refine sales strategies, and maintain its dominance in the connected TV (CTV) market have reduced its fundamental risks. The analysts also believe that Roku is positioned for accelerated sales growth. They further noted that Roku's current 2.1x enterprise value-to-sales ratio undervalues its leadership in the CTV operating system space and its potential to generate free cash flow, reinforcing his bullish outlook on the stock.