Company Notes

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…

In our view, FY23 showed that the Buy thesis based on expectations of smooth, steady growth not subject to overall ad spend fluctuations is no longer applicable. It appears that the evolution of DV’s business…

We believe there are two main takeaways from the Q4 report. First, it’s safe to assume now that the bias to the guidance and estimates is to the upside. There may be room for improved…

We think that the main takeaway from TTD’s Q4 results is that the October air pocket was an isolated event with no impact on the growth in FY24. We expect bears’ arguments now to center…

Bulls and bears are asking the same question: how sustainable is the revenue growth in the Software Platform segment? We argued before that it is more durable than it may look and Q4 report delivered…

We believe that for the stock to work from here RAMP will have to show a sustained acceleration in organic revenue growth as well as the benefits of the acquisition of Habu. The company has…