All Reports

We are updating our estimates following Q1 FY26. For Q3 FY26, we expect Connected TV revenue of $99m, Desktop revenue of $27m and Mobile revenue of $64m. We expect total revenue of $190m, Adjusted Ebitda…

We are updating our model to reflect Q1 results and the most recent guidance. Our estimates are: Q3 FY26: We expect revenue of $2,078m and Adjusted Ebitda of $1,725m. We expect GAAP diluted EPS of…

We are downgrading TTD shares to Neutral for obvious reasons. Net-net, it looks like navigating the next phase of growth amid a major shift in the advertising industry is proving more difficult than it appeared…

The Q2 results and the Q3 guide were probably surprising even to the most committed TTD bears. We speculate that the impact of the dispute with Publicis was greater than anticipated and will last longer…

A very strong quarter, especially after APP’s results last night. Assuming non-Unity Vector revenue was $60m in Q2, Unity Vector grew 23% Q/Q, which also implies the guide, on the high end, for Unity Vector…

We are updating our model following Q2 FY26 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q3 FY26: Average Daily Uniques (DAUq) of 133m; $824m in…

Financial metrics look very strong again, but there is somewhat cautious language in the Shareholder Letter about “choppy” search referrals and traffic getting “more volatile” at the end of the quarter. This combination suggests Q2…

Our analysis indicates that the potential for Adjusted Ebitda margin expansion driven by Unity Vector is not yet fully appreciated by the Street. In this note, we demonstrate – based on recent disclosures by LFTO…

We are downgrading ROKU to Neutral following the announcement of its acquisition by FOXA. We regard upside as limited given the acquisition price per share.

We think that the current valuation of 17x EV/FY27E Adjusted EBITDA will prove to be unsustainably low, given the combination of the growth opportunity from audience monetization and management’s track record, which has been building…

We are updating our estimates to reflect Q1 results and the latest guidance for FY26. We are adjusting our price target to $10.50 to reflect the updated estimates and the current valuation. We now expect…

We are updating our estimates following Q1 report. We are now modeling Q2 revenue of $750m, Adjusted Ebitda of $260m and adjusted diluted EPS of$0.44. We expect FY26 revenue of $3,182m, Adjusted Ebitda of $1,259m…

We are updating our estimates following Q1 FY26. For Q2 FY26, we expect Connected TV revenue of $91m, Desktop revenue of $25m and Mobile revenue of $61m. We expect total revenue of $177m, Adjusted Ebitda…

We are updating our model to reflect the Q1 report. We now expect the following results: Q2 FY26: We are modeling Create Solutions revenue of $157m, Grow Solutions revenue of $355m ($305m of Strategic revenue)…

We are updating our model to reflect Q1 results and the most recent guidance. We are adjusting our price target to $587 to reflect the updated estimates and the current market multiple. Our estimates are:…