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Needham & Company has revealed its 2025 Top Picks, spotlighting Roku and Salesforce.com as standout investment opportunities.
Roku’s growth potential lies in the booming connected TV (CTV) advertising market, projected to grow by 16% year-over-year in 2025, reaching $33 billion, according to eMarketer. Needham anticipates Roku’s installed base will expand to nearly 100 million homes by the end of 2025, representing about 200 million viewers. As 100% of Roku’s ad revenue originates from the CTV segment, its focus on this rapidly expanding area positions it as a leader in digital advertising.
Moreover, Needham highlights Roku's untapped potential in data monetization. The firm notes that Roku’s first-party data, a valuable yet underutilized asset, could attract increased demand as large language models (LLMs) seek high-quality, permissioned datasets. This gives Roku a significant edge in data-driven marketing.
In enterprise software, Salesforce.com has earned a spot on Needham’s Conviction List due to its innovative Agentforce (AF) strategy. AF is reportedly integrated into nearly half of enterprise deals, which start small but are expected to scale significantly later in the year.
Needham also sees a boost from Salesforce’s rapid hiring of AI-focused sales reps, a move likely to accelerate bookings in the second half of the year. With its valuation at 24x FY26 free cash flow and a raised price target of $400, Salesforce offers considerable upside for investors if it continues to execute effectively.
Both Roku and Salesforce are well-positioned to capitalize on their respective markets, making them top picks for 2025.
