All Reports

The ROKU story has been building up to a print/guide like this for a few quarters, in our view. The strong results and very strong guide were probably a surprise even for bulls who had…

We are updating our model to reflect Q4 results. We now expect the following results: Q1 FY26: We are modeling Create Solutions revenue of $153m, Grow Solutions revenue of $338m and total company revenue of $492m….

We see Q4 results and the guidance for Q1 as another proof point that (i) Unity Vector is working, and (ii) there is room for upside in the mid term in other business lines. Bears…

We are updating our model following Q4 FY25 report. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q1 FY26: Average Daily Uniques (DAUq) of 125m; $567m in advertising…

Another strong quarter with advertising revenue strength in both, brand and performance. We see the results as supportive of our thesis that RDDT is still early in the monetization cycle. DAUq came in 1m above…

We are updating our model ahead of Q3 FY26 report. We maintain our Neutral rating. Q3 FY26: We expect subscription revenue of $156m, marketplace & other revenue of $55m and total company revenue of $211m. We…

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 are lowering our FY26 estimates to reflect the current operating trends. Our Q4 FY25 estimates are unchanged. Q4 FY25: We are modeling Measurement revenue of $69m, Activation revenue of $122m; our forecast for Supply-side revenue…

We are introducing Q1 FY26 estimates. Our price target and rating remain unchanged. We currently expect RDDT to report the following results: Q4 FY25: Average Daily Uniques (DAUq) of 119m; $623m in advertising and $37m in…

Our analysis indicates that APP’s AppDiscovery and U’s Unity Vector are benefiting from an industry-wide shift in how game publishers calculate LTV. In this note, we highlight the benefit of growing in-app advertising (IAA) spend…

We are updating our model to reflect Q3 results and the most recent guidance. we are raising our twelve-month price target to $792 to reflect the updated forecast. Our estimates are: Q4 FY25: We expect…

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…

We are updating our estimates following Q3 FY25. For Q4 FY25, we expect Connected TV revenue of $88m, Desktop revenue of $32m and Mobile revenue of $76m. We expect total revenue of $196m, Adjusted Ebitda…

We are updating our estimates following Q3 FY25. For Q4 FY25, we expect Connected TV revenue of $88m, Desktop revenue of $32m and Mobile revenue of $76m. We expect total revenue of $196m, Adjusted Ebitda…