Key Moments
- JPMorgan cuts Roblox to Neutral, turns more cautious on near-term share performance despite a positive long-term view.
- Clear Secure is lifted to Overweight as JPMorgan sees substantial upside to 2026 estimates and a major catalyst from its Amex partnership expiry.
- Roku is named JPMorgan’s top pick for 2026, with expectations for accelerating platform and total revenue growth.
Strategic Repositioning Across Internet SMID and Gaming
Investing.com – JPMorgan has overhauled its Internet small- and mid-cap and video game coverage for 2026, shifting its stance on several key names. The firm downgraded Roblox, upgraded Clear Secure, and selected Roku as its preferred idea for the year.
Analyst Cory Carpenter said the research team centered its work on “identifying stocks that could work in any market – those with meaningful catalysts and/or scope for material estimate revisions,” cautioning that without such support, “stock outperformance… will be tough in a market that is increasingly top heavy and focused on the AI build-out.”
The changes follow another challenging period for smaller internet stocks. Carpenter observed that “Internet SMIDs once again underperformed large caps in 2025,” although he pointed out the performance gap narrowed compared with prior years, while the video game group delivered “its best year since the pandemic.”
Key Rating Changes and Calls for 2026
| Company | Ticker | Previous Rating | New Rating | JPMorgan View for 2026 |
|---|---|---|---|---|
| Roblox | RBLX | Overweight | Neutral | Positive long-term positioning, but shares may pause in 2026 |
| Clear Secure | YOU | Neutral | Overweight | Highest estimate upside in coverage and a major partnership catalyst |
| Roku | Not specified | Not specified | Top pick for 2026 | Expected acceleration in platform and total revenue growth |
Roblox: From Overweight to Neutral
The first of JPMorgan’s three headline calls for 2026 is a downgrade of Roblox from Overweight to Neutral. Carpenter emphasized that the firm still sees the company favorably in the broader gaming landscape, stating, “We remain positive on RBLX’s longer-term positioning in the video game ecosystem, but we think shares could take a breather in 2026.”
Clear Secure: Upgraded on Estimate Upside and Catalyst
Clear Secure moves the other way, with its rating raised from Neutral to Overweight. Carpenter highlighted the stock’s positioning within the coverage universe and the potential for earnings revisions to the upside.
The analyst explained: “Clear has the highest short interest among our coverage, and we have never previously recommended an Overweight rating.
“This is clearly a non-consensus call, but we think YOU estimates have more upside than any company under our coverage in 2026 and Clear has one of the biggest catalysts with its five-year Amex partnership expiring at June-end.”
Roku: Designated as Top Pick for 2026
Roku receives the highest conviction call, as JPMorgan designates the stock its top pick for 2026. The firm expects the company’s financial drivers to become more visible over the coming reporting periods.
📈 $ROKU = Top Pick for 2026!
Two major Wall Street firms — Jefferies and Wedbush — are highlighting Roku as a top stock for next year, thanks to its strong streaming platform positioning, accelerating platform revenue growth, and expanding ad monetization tailwinds.#Roku #ROKU… pic.twitter.com/3PIGq8ubdF— SensaMarket (@sensa_market) December 11, 2025
The bank expects “Roku’s monetization initiatives to become more apparent in the coming quarters,” and noted that the foundation of its positive stance is the view that “Platform (and total) revenue growth is likely to accelerate in 2026.”
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