All Reports

We are introducing Q2 FY24 estimates. We are not providing other forward estimates as we currently expect the acquisition by WMT to close before VZIO reports Q3. Q2 FY24: Smart TV shipments of 1.0m, Device segment…

Q1 FY25: We expect subscription revenue of $134m, marketplace & other revenue of $38m and total company revenue of $172m. We are modeling adjusted gross profit of $128m and non-GAAP operating income of $25m. FY25: We expect…

We are updating our estimates ahead of Q2 report. We are adjusting our price target to $23 and maintain Buy rating. Q2 FY24: We are modeling Measurement revenue of $54m, up 19% Y/Y, Activation revenue…

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…

We are updating our model following Q4 FY24 report. Q1 FY25: We expect subscription revenue of $172m, marketplace & other revenue of $38m and total company revenue of $172m. We are modeling adjusted gross profit of…

Q4 results and Q1 FY25 guidance ahead of expectations, guidance for the full FY25 in line with our model but ahead of the consensus. Looks like the company expects a deceleration in Y/Y revenue growth…

We are updating our model following Q1 report, our revised forecast is below. We are updating our price target to $12.50 and maintain Neutral rating. For Q2 FY24, we expect Connected TV revenue of $60m,…

In this note we analyze the implications of the recently announced partnership between ROKU and TTD for the two stocks. We show that this development strengthens the case for an acceleration in ROKU Platform revenue…

We are updating our model to reflect Q1 results. We are lowering our price target to $25 and maintain Neutral rating. we now expect the following results: Q2 FY24: We are modeling Create Solutions revenue…

We are updating estimates following Q1 report. Our rating and price target remain unchanged. We are now modeling Q2 revenue of $575m and Adjusted Ebitda of $224m. We expect full FY24 revenue of $2,391m and…

We see Q1 results as generally in line with Adjusted Ebitda ahead of estimates due to lower than expected costs, as should have been expected. Y/Y decline of 4% in Grow Solutions revenue will probably…

We are raising our 12 month price target to $107 and maintain Buy rating. Our updated estimates are: Q2 FY24: we are modeling Software Platform revenue of $699m and Adjusted Ebitda of $507m, Apps revenue…

The Software Platform delivered another blowout quarter, the guide seems to imply Y/Y revenue growth of at least 67% in Q2 (assuming constant Q/Q Apps revenue and margin and the mid point of the guide)…