The stock was rising 3.68% to $92.10 a share.
Martin raised her price target to $120 from $85, suggesting roughly 28% upside from the stock's current level. The new price target makes Martin the biggest Roku bull on Wall Street.
"We raise our Roku target price because the panel underscored unique advantages that Roku has because it's an OTT aggregation platform rather than a single streaming service," Martin wrote in a note.
Those advantages are:
"Unduplicated and unduplicatable premium digital-TV advertising scale in the U.S.; b) revenue optionality upside from new SVOD entrants; c) 27mm active users (of which about 50% are connected TVs with 5- to 10-year average lifespans) in the U.S., which makes Roku big enough to be a gatekeeper for 100% of new streaming services (suggesting pricing power)," Martin said. Plus, "Roku is still small enough (at a $12B market cap) to be acquired."
Roku shares are up 188% year-to-date.