Although it was once known for the hockey puck-sized streaming boxes that enabled streaming across thousands of apps, Roku has diversified into advertising, licensing and distribution.

The Roku Channel, which launched in late 2017, is now generating Amazon- and Apple-style fees from dozens of subscription apps, and is among the top five destinations on the entire platform. Deals to integrate the Roku interface into TVs from several manufacturers have now made Roku the No. 1 smart-TV brand, ahead of Samsung, the company said. It accounts for one out of every three TVs sold.

Still, Roku stock isn’t a such great buy anymore after its stunning rally this year, according to RBC Capital Markets.

Roku shares initially fell in Tuesday trading but recovered midday and closed up 1.8% at $93.05 a share.

 “Given what we view as sustainably robust growth and profitability levels, we believe ROKU’s YTD outperformance is fully justified,” RBC analyst Mark Mahaney said in a note to investors on Monday. “However, with the stock now trading at an intrinsically robust multiple [of 11 times its price to sales ratio], we see risk–reward as less compelling. Hence the downgrade.”

Roku has “dramatically outperformed the market,” Mahaney noted, as the stock climbed 198.2% so far this year through Monday vs. the S&P 500′s gain of 18%. RBC did not adjust its $90 price target on Roku shares.

“Given our view here, we would be constructive again on any major stock pullback,” Mahaney added.

Investors looking at ETFs with Roku can examine Vanguard Small-Cap Value ETF (VBR), or Vanguard Small-Cap Growth ETF (VBK).

The streaming media company skyrocketed last month, gaining 5.8% and rallying to $99.06 in trading after the stock was upgraded to buy from neutral by analysts at Guggenheim.

“We see continued growth in account and streaming metrics, closing of the video advertising pricing gap with traditional television, demand by third parties for audience development opportunities, and incremental content distribution revenue recognition as key catalysts for shares,” analyst Michael Morris wrote. “We recognize the heightened risk associated with the company’s high relative valuation but believe that at its current $10.6 billion market capitalization, Roku’s asset value is compelling given its strong and growing household penetration.”

Still despite the dramatic move higher this year, not everyone is certain the streaming media company’s extended rally is over.

“This is the momentum stock of all momentum stocks. It’s going up. And you can ride this… Throw valuation aside, I think it’s gonna get there on momentum…Have fun with, but when it turns, just get out,” said Jim Lebenthal on CNBC.

For investors looking for continued upside in large cap equities over small caps, the Direxion Russell Large Over Small Cap ETF (NYSEArca: RWLS) offers them the ability to benefit not only from large cap equities potentially performing well, but from their outperformance compared to their small cap brethren.

Conversely, if investors believe that small cap equities will outperform large cap equities, the Direxion Russell Small Over Large Cap ETF (NYSEArca: RWSL) provides a means to not only see small cap stocks perform well, but a way to capitalize on their outperformance versus their large cap brethren.

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