Price updated from 10:55 am.

Roku (ROKU) - Get Report shares were falling Tuesday after the stock was downgraded to equal weight from overweight at Stephens.

Analyst Kyle Evans wrote in a note to clients that he believes Roku's recent run and higher valuation, as well as higher expectations for the stock, increase its near-term risk.

The video-streaming platform's shares have jumped 50% in May alone, adding to a more than 250% gain since their December low. The stock'ss current valuation and historical volatility create near-term risk, Evans wrote.

The analyst is quite positive long term, though, and wrote: "Everything we are tracking on the fundamental side ... continues to look strong."

Evans' price target is $84, about $10 less than Tuesday's open. The average price target is $78.33. 

Shares fell 4.8% to $91.19 on Tuesday afternoon.

There are nine buys, six holds and two sells on the stock, according to Bloomberg. 

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