Company Notes

In this note, we argue that the U stock will not remain in the low $40 range for a long time. We believe that the story has evolved to a degree where incremental buyers should…

We think LFTO shares are likely to remain range-bound for some time, for two reasons. First, the optics of the company’s first guidance as a public company were not ideal. Second, APP’s Q2 results and…

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…

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 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…

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…