Bank of America is getting back on the Roku bandwagon after the streaming platform’s latest quarterly results. Analyst Ruplu Bhattacharya double upgraded the stock to buy from underperform. He also increased his price target to $85 from $45, which implies a 20.4% upside from Thursday’s close of $70.57. “Roku continues to execute strong and while the scatter ad market remains weak in the near-term, Roku continues to outpace the market given its scale which makes it attractive to advertisers,” Bhattacharya wrote in a note on Friday. He added, “In the long-term, we expect Roku revenues to benefit from active account growth driven by geographic expansion into international markets, and increasing content.” Bhattacharya upgraded Roku after the company posted earlier this week fourth-quarter results that beat analyst expectations. Roku also said it was “committed to a path that delivers positive adjusted EBITDA for full year 2024.” The analyst also noted that ad spending in Roku appears to be bottoming out and expects it to improve through 2023, which will increase its margins. To be sure, the analyst cited a protracted macro downturn, strong competition and a consumer shift away from ad-supported content as potential downside risks to his valuation. Roku shares were up 2% on Friday before the bell. The stock has popped 73.4% since the start of the year. It’s down more than 50% over the past 12 months, however. —CNBC’s Michael Bloom contributed to this report.