All Reports

Disappointing results and guidance, probably the worst combination in years. The CEO’s message in the press release is different this quarter and calls out a reorganization in December. We expect the call to be different,…

We are updating our model following Q3 FY25 report. We maintain Neutral rating and adjust our price target to $36 to reflect the updated estimates and the prevailing valuation multiple. Q4 FY25: We expect subscription revenue…

We are updating our model following Q4 FY24 results. We are modestly lowering our price target to $55 and maintain Neutral rating. Our Q1 FY25 estimates are: 11,000K digital-only subs at quarter end Digital-only subscription…

Generally in-line Q4 results support our argument that operating trends are stable with only minor surprises in some quarters. This, in our view, makes it difficult, for a convincing longer term bull or bear case…

Below are our estimates for Q4 FY24, Q1 and full year FY25. Q4 FY24: We are modeling Measurement revenue of $68m, up 13% Y/Y, Activation revenue of $113m which implies 14% growth v. last year; our…

The current valuation means, in our view, that the market is giving RDDT credit for growth opportunities and execution upfront. This means that if RDDT delivers on expectations in the course of FY25, the current…

In our view ROKU’s business performance and the stock price diverged last year. We believe that this year, ROKU is even better positioned to take advantage of industry-wide tailwinds. Additionally, FY24 highlighted the durability of…

We are updating our model ahead of Q3 FY25 report. Q3 FY25: We expect subscription revenue of $144m, marketplace & other revenue of $48m and total company revenue of $191m. We are modeling adjusted gross profit…

The unveiling of the Ventura TV OS and, to lesser degree the announcement of the partnership with Spotify added dimensions to the TTD story that are unlikely to matter for the businesses performance in FY25,…

We are updating our market estimates for connected TV advertising spend for 2024 and 2025. We believe that despite a strong political cycle setting up a somewhat more difficult comp, we should see strong growth…

We believe at this point it’s clear that advertising revenue as opposed to data licensing is and will be the main revenue growth driver. In this note we argue that performance advertising solutions (RDDT refers…

Adjusting FY25 estimates and raising the price target to $19.50. For Q4 FY24, we expect Connected TV revenue of $76m, Desktop revenue of $30m and Mobile revenue of $79m. We expect total revenue of $186m,…

We think that FY25 will be an especially important year for the APP story. The launch of AXON 2 in FY23 and the resulting revenue ramp drove continued upward estimates revisions and a steady valuation…

We are updating our model to reflect Q3 results. We are raising our price target to $21 and maintain Neutral rating. We now expect the following results: Q4 FY24: We are modeling Create Solutions revenue of…

We are updating our model following Q2 FY25 report. We maintain Neutral rating and adjust our price target to $28 to reflect the updated estimates and the prevailing valuation multiple. Q3 FY25: We expect subscription revenue…