Company Notes

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…

We believe that at this point the drivers of Platform revenue growth in FY26 are fairly well understood. We believe, however, that the Street has less visibility into the gross margin profile of each of…

We are upgrading U shares to Buy from Neutral and raising our twelve-month price target to $54. Our thesis is straightforward: we believe that Unity Vector will drive upside to estimates for multiple quarters. We…

Due to a reallocation of resources, we are suspending coverage of NYT.  As a result, our previous rating, price target, and estimates should no longer be relied upon.  Our last rating was Neutral and our price target…

We believe that our fairly straightforward Buy thesis remains intact. First, MGNI offers steady top-line growth with potential for upside. Second, the current relatively undemanding EV/Adjusted EBITDA multiple should continue to be supported by the…

We believe that we may see a shift in advertising revenue growth drivers in the second half of FY25 from what we saw in Q2. We think Dynamic Product Ads (DPA) can start contributing to…

This year, bears cite the news of AMZN DSP push and its reportedly “aggressive pricing” as evidence that take rate compression, which they have long predicted, will occur. In this note we show that (i)…

In this note we take a closer look at a potential driver of Platform revenue growth that currently seems overshadowed by ROKU’s integration with DSPs. We believe that video advertising on the home screen, now…

In our view, the current narrative about potential impact from Google’s algorithm changes overshadows important developments which support the bull case. Our Buy thesis is predicated on our belief that (i) RDDT is early in…

We believe that Roku’s updated guidance for the Platform segment’s gross margin in FY25 has positive implications for the revenue trajectory this year. Our analysis, detailed below, suggests that the change came as a result…

MGNI stock’s reaction to the press report about NFLX’s advertising revenue target earlier this week suggests that the Street expects it to eventually become a significant revenue driver. We think that the steep ramp in…

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 downgrading DV shares to neutral today and lowering our twelve-month price target to $14. We acknowledge that this rating change is belated; it would have been more helpful a year ago before the…

The current valuation means, in our view, that the market is giving RDDT credit for growth opportunities and execution upfront. This means that if RDDT delivers on expectations in the course of FY25, the current…

In our view ROKU’s business performance and the stock price diverged last year. We believe that this year, ROKU is even better positioned to take advantage of industry-wide tailwinds. Additionally, FY24 highlighted the durability of…