The Trade Desk (TTD, Neutral, $115) Upgrade to Neutral (+ Some Thoughts on Ventura)

We are upgrading TTD from Sell to Neutral, as political advertising ultimately came in lower than we expected in 2024, and “core growth” comps for 2025 are not as challenging as we thought they would be pre-print.

Trade Desk Inc: 1 director

A director at Trade Desk Inc sold 3,131 shares at 117.970USD and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board...

AMD post-3Q24 model update

Tele Columbus Model review post-earnings & management call

Earlier today, we published our review of TeleColumbus’ results. Following the earnings call and speaking with management, we now update our model and run through the changes to estimates in this note.

SCOTUS Takes Up Legal Challenge to USF but Bigger Existential Threat Looms

Late last week, the Supreme Court agreed to hear an appeal of 5th Circuit decision holding that the current Universal Service Framework is unconstitutional. In this note, we review the 5th Circuit decision, provide guidance on the likely Supreme Court outcome (and data points to watch along the way that might cause us to change our views), but also analyze other events that could be more even more disruptive to the current USF Framework.