Roku (NASDAQ: ROKU) stock is up 30% in 2020 and has nearly doubled from the lows it hit in March when the COVID-19 pandemic struck, but an analyst at investment firm Stephens thinks the streaming platform has peaked. Kyle Evans downgraded Roku shares to equal weight from his previous overweight rating, and slashed his price target by 32% from $150 per share to $105, about 9% below where the streamer currently trades. Image source: Roku. Too good to be true Even though one out of every three smart TVs sold in the U.S. is a Roku TV -- and it accounts for one out of every four sold in Canada -- Evans is worried the streaming platform's sustained outperformance in the market means it is benefiting more than the OEMs actually making the sets, particularly its biggest partner TCL. Manufacturers have been trying to get Roku to participate in revenue sharing, but Roku has resisted the push, with CEO Anthony Wood telling analysts during its earnings conference call earlier this month, "In general, the Roku TV program brings a lot of benefits to our partners, both retailers, and OEMs, everything from strong consumer demand, low returns, great software...So I mean, there are lots of benefits that it brings." Evans wrote in a note to investors that because the relationship "is tilted heavily toward Roku when it comes to financials," he thinks this is as good as it gets for the tech leader, and goes on to say, he tends to "get worried when things look as good as they can get." 10 stocks we like better than RokuWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Roku wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of April 16, 2020 Rich Duprey has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Roku. The Motley Fool has a disclosure policy.Source