Deutsche Bank analyst Jeffrey Rand raised the firm's price target on Roku (ROKU) to $235 from $185 and reiterates a Buy rating on the shares.

The stock closed Wednesday up $7.72 to $212.55.

The analyst says that since his initiation of the stock on August 11, he's become more positive on Roku as consumers continue to stream more content due to the pandemic and advertisers appear to be spending again after delaying advertising in Q2.

Concerns about Roku losing its role as the go-to platform for all content have diminished with the agreement of a deal with NBC/Peacock, Rand tells investors in a research note. Further, he continues to believe a deal with HBO Max gets worked out in the near future.