We view FY25 as a pivotal year for U. A successful rollout of Unity Vector throughout the year could drive accelerated top-line growth, expand Adjusted EBITDA margins, and trigger a stock re-rating. As the Street…

We are updating our estimate of stock-based compensation for Q1 to reflect the management’s comments. As a result, our GAAP EPS estimates for Q1 and FY25 move lower while the rest of the estimates remain…

We are updating our price target to $28 to reflect the updated estimates and the prevailing valuation multiple. Our current expectations are: Q4 FY25: We expect subscription revenue of $140m, marketplace & other revenue of $46m…

One of the bear arguments that emerged after TTD missed Q4 was the impact of AMZN’s DSP. While the argument looks convincing at first glance, we believe it’s not so strong if one looks closer…