Despite being up more than 110% year to date, Citi lowered its overall rating to sell from neutral and changed its target price to $50, down from $53.
Shares of Roku slipped more than 5 percent Monday after Citi downgraded the stock citing increased competition in the TV streaming space.
Citi said changes in the streaming TV landscape could create greater competition in the space for Roku. For example, Apple's new Apple TV+ service will be available on Roku, but it won't serve ads, limiting Roku's revenue opportunity. Apple TV+ will also be available on devices that compete with Roku, like connected TVs from LG and Samsung.
Recent momentum for Google's Android TV operating system also threatens Roku, Citi analysts said. The number of Android TV operator partners has increased from eight in 2016 to 140 today.
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