All Reports

We saw a number of important developments in connected TV in Q1 including the launch of Prime Video ad-supported tier, DIS announcement of a direct, i.e. bypassing SSPs integration with DSPs and WMT’s acquisition of…

We are introducing Q1 FY24 estimates. We are also raising our price target to $11.50 and maintain Neutral rating. We suspend the rest of our forward estimates as we currently expect the acquisition by WMT…

We are updating our forecast of digital-only subscribers to 9,899K at the end of Q1 and 10,252K at the end of FY24. As a result, our estimate of Digital-only Subscription Revenue for FY24 moves to…

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…

We are updating our model following Q4 report, our revised forecast is below. We are updating our price target to $13.50 and maintain Neutral rating. For Q1 FY24, we expect Connected TV revenue of $50m,…

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that the Buy thesis based on expectations of smooth, steady growth not subject to overall ad spend fluctuations is no longer applicable.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

In-line results with a weak Q1 guide. Seasonality implied by the guidance looks different than what the management talked about on the Q3 call. Pricing was up Y/Y in Q4. Commentary on the call will…

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 are updating our estimates following Q4 report. Our rating and price target remain unchanged. Q1 FY24: We expect Platform revenue of $722m and gross profit of $376m, Devices revenue of $129m and gross profit of…

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…

The beat is not as big as the Street got used to although the guide is a little more optimistic than in recent quarters… It would be helpful to hear on the call if video…

Better than usual beat and guidance show the soft October patch is behind us now. The question is how much upside to FY24 estimates. We continue to believe that as we go through the year…

Both segments’ results ahead of expectations, Q1 FY24 guidance is also better than the consensus expectations. A couple of things to point out: (i) The Shareholder Letter mentions Y/Y growth in the mobile app advertising…