By Noel Randewich
(Reuters) - Shares of Roku Inc surged over 11% on Wednesday after Citi initiated coverage of the streaming video company with a "buy" rating, while Netflix Inc also rallied more than 11% and was on track for its largest one-day gain in three years.
Roku and Netflix are among several technology-related companies that have benefited as a result of the coronavirus pandemic, with people around the world spending more time at home.
Citi analyst Jason Bazinet started coverage of Roku with a $180 price target, compared with Wednesday's price of about $164.
In his research note published late on Tuesday, Bazinet pointed to strong subscriber growth and increased value per subscriber, in a trend he suggested would also benefit Netflix.
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