Bank of America defends Roku stock after Silicon Valley Bank collapse

The Yahoo Finance Live team discusses the latest for Roku's stock after it was announced the company held around $480 million in largely uninsured deposits at Silicon Valley Bank.

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ALEXANDRA CANAL: My triple play is Roku. Bank of America reiterating its buy rating on the stock, telling clients it's sticking by the tech giant in the wake of the Silicon Valley Bank collapse. According to a company filing, Roku held about 487 million of largely uninsured deposits at SVB. That made up about 26% of its cash reserves.

On Friday, the company did stress that its remaining reserves will be enough to meet its financial obligations for, quote, "the next 12 months and beyond." Shares, they're trading relatively flat today, initially fell on the news late last week. But in addition to Bank of America, we also had Wedbush analyst Michael Patcher as well as Wells Fargo analyst Steve Cahall expressing their bullishness on the stock earlier today. Patcher reiterating his outperform rating, while Cahall said the company should see, quote, "little SVB fallout." So it seems like, moving forward, Roku is going to be just fine.