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We are updating our estimates following Q3 report. Our Buy rating and price target of $44 remain unchanged. Our latest estimates are: Q4 FY23: We are modeling $61m in Measurement revenue, $99m in activation and…

A very unusual weak guide for revenue of “at least $580m” in Q4 which is 5% below the consensus. We will be looking for a detailed explanation on the call for this black swan-level event….

The Software Platform delivered a blowout quarter, the guide seems to imply further acceleration in Y/Y revenue growth to >80% in Q4. This is the first full quarter of AXON 2 and the segment added…

Digital-only subs generally in-line with what we modeled, digital advertising revenue on the high end of the guidance and operating costs as expected. Digital-only ARPU up Q/Q 1.4% which what bulls want to see. Guidance…

We are updating our model to reflect Q3 results and Q4 guidance. We are adjusting our price target to $88 and Maintain Neutral rating. Our revised forecast is: Q4 FY23: We expect Platform revenue of $807m…

A beat was expected, Adjusted Ebitda guide for Q4 is probably the biggest surprise. A couple of things stand out in the Letter to Shareholders, in our view. The language about advertising trends is getting…

We are updating our model to incorporate the preannouncement issued on September 6th. We are also adjusting our price target to $63 to reflect the recent EV/Gross Profit multiple compression. Our updated estimates are: Q3…

We are updating our estimates ahead of Q2FY24 report. We are raising our price target to $28 to reflect the recent prevailing trading EV/Sales multiple. Q2 FY24: We expect subscription revenue of $124m, marketplace &…

We are updating our model to reflect Q2 results and the new guidance. We are lowering our twelve month price target to $8.50 due to lower estimates and the target EV/Adjusted Ebitda multiple. For Q3…

We believe the the guidance for Q3 revenue implies revenue ex-political growth acceleration to 25% from 23%. AS was the case in Q1, the guide may seem a touch more conservative than the Street is…

We are updating our model to reflect Q2 results and the guidance for Q3. We are lowering our price target to $7 and maintain Neutral rating. Q3 FY23: Smart TV shipments of 1.0m, Device segment revenue…

Device shipments and financials in line with expectations, Platform+ ahead but strength in advertising was telegraphed by the management during the quarter plus ROKU results were a decent read-through. Guidance looks soft but may reflect…

Digital-only subs only slightly worse than expected but ad revenue and Ebitda well ahead, digital-only ARPU up Q/Q and Y/Y as expected plus a solid guidance for Q3. Looks like the stock should get credit…

Total revenue is only ~$133m ahead of our estimate which is a smaller beat than usual with Activation revenue ahead nicely but Measurement revenue softer than expected. Adjusted Ebitda is better. Full year guidance unchanged….

We are updating our model following Q2 results. We are raising our price target to $94 to reflect updated estimates and the current EV/Gross Profit multiple and maintain Neutral rating. Our updated estimates are: Q3…