Company Notes

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that the Buy thesis based on expectations of smooth, steady growth not subject to overall ad spend fluctuations is no longer applicable.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…

We think that Q4 FY23 was the first quarter since NYT embarked on the business model transformation to digital when the news cycle proved to be a negative and instead of just helping drive digital…

In this note we argue that the bear case centered around the negative impact the introduction of Prime Video advertising will have on TTD’s revenue growth trajectory is based on what we see as low…

Our analysis of the key metrics trajectory in Q3, the first full quarter of AXON 2, gives us incremental conviction in sustainability of Software Platform revenue growth. As we show below, Q/Q progression of installs…