Roku shares are falling after Wells Fargo downgrades the stock, citing rising competition

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John Melloy@johnmelloy
WATCH LIVE
The Roku 3 television streaming player menu is shown on a television in Los Angeles, California, U.S., on Thursday, Sept. 12, 2013.
Patrick T. Fallon | Bloomberg via Getty Images

Roku was downgraded by Wells Fargo because of rising competition and shares that already reflect optimistic projections.