We are updating our model following Q4 FY25 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q1 FY26: Average Daily Uniques (DAUq) of 125m; $567m in advertising…

Another strong quarter with advertising revenue strength in both, brand and performance. We see the results as supportive of our thesis that RDDT is still early in the monetization cycle. DAUq came in 1m above…

We are updating our model ahead of Q3 FY26 report. We maintain our Neutral rating. Q3 FY26: We expect subscription revenue of $156m, marketplace & other revenue of $55m and total company revenue of $211m. We…

In this note, we analyze two solutions offered by TTD that we expect to grow in importance in FY26. The first one is OpenPath which, we estimate, adds around 150bps to TTD’s take rate on…