Truecaller (Buy, TP: SEK55.00) - A soft ad market reflected
In 2023, Truecaller has been affected by lower demand for digital advertising, hurting advertising revenues. Q2 had benefited from India’s cricket league driving higher advertising demand, but we believe demand has returned to the level seen at end-Q1. We reiterate our BUY and SEK55 target price. Truecaller is set to report its Q3 results at 07:30 CET on 27 October.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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