Company Notes

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…

The unveiling of the Ventura TV OS and, to lesser degree the announcement of the partnership with Spotify added dimensions to the TTD story that are unlikely to matter for the businesses performance in FY25,…

We believe at this point it’s clear that advertising revenue as opposed to data licensing is and will be the main revenue growth driver. In this note we argue that performance advertising solutions (RDDT refers…

We think that FY25 will be an especially important year for the APP story. The launch of AXON 2 in FY23 and the resulting revenue ramp drove continued upward estimates revisions and a steady valuation…

In this note we show that an acceleration in Platform revenue growth in FY25 looks doable given the growth trajectory of the existing revenue streams and the opportunity presented by the partnership with TTD and…

We believe that the current revenue contribution as well as the growth potential of TTD’s shopper marketing business is still not fully understood at this point. We estimate that shopper marketing is on track to…

Our Buy thesis is predicated on the argument that the recent and continuing product and monetization improvements will result in upside to the current consensus estimates. In this note we show that, according to our…

We think that in addition to the obvious task of proving that it can deliver on the guidance, DV is facing an additional challenge. It appears that the growth drivers are shifting and, as a…

This is a corrected version of the note published today at 11:14am ET. Our price target and rating remain unchanged. We argue that: (i) Create Solutions revenue growth acceleration is a necessary but not a…

We argue that: (i) Create Solutions revenue growth acceleration is a necessary but not a sufficient condition for the stock price recovery; (ii) without an improvement in the top line trend at Grow Solutions, especially…

We are upgrading MGNI shares to Buy from Neutral and raising our 12 month price target to $17. We believe that the negative sentiment that weighed on the stock prior to the announcement of the…

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Our Buy thesis is based on our belief that the estimates are beatable at this point and the stock price will go up after beat and raise quarters. The bear arguments that have weighed on…

We continue to believe that APP is on the way to an eventual re-rating given the expected three-year Adjusted Ebitda CAGR of 25%, improving mobile gaming ad spending trends, and strengthening competitive position. In this…