Since Comms analyst Andrew Freedman upgraded Roku (ROKU) to his #2 long position, “the stock price has played out pretty much as expected.” The TV streaming company’s stock price is up 86% over the past month. And Freedman believes the stock still has more gas in the tank. 

“I think there's still going to be upside to numbers,” Freedman explains in this clip from The Call @ Hedgeye, “especially as we're seeing the preliminary data come through for ad spend over the last week.”  

“We are still miles apart from the Street on EBITDA for that immediate cash flow for 2024,” he says. “If that’s right, it's not hard to get a lot of flex in the model, then I think the stock's going to track that over time.” 

“I guess Freedman called the universe and got them to do exactly what he told them,” adds Hedgeye CEO Keith McCullough, “because Pinterest (PINS) and Roku have ripped to the upside.”  

Click above for the full clip. 

Freedman: $ROKU’s Rip Higher Isn’t Done Yet - TC   Banner