AMZN (Buy, $260 target)/TTD (Neutral, $75 target) Part II: CTV footpri...

This week at Cannes, Amazon DSP announced integrations with ROKU and DIS, both of which have driven more questions about competitive positioning in CTV with TTD. • We discussed a variety of changes at Amazon DSP and its positioning versus TTD and GOOGL’s DV 360 earlier this month in Part I HERE. Getting less attention are advances in AI ad creative tools, including AMZN’s first disclosure about adoption of its tools. TTD is not developing its own gen AI ad creative tools but expanded its roste...

Wedbush Morning Call - Jun 17 2025 7:04AM

Amazon, Roku Position to Dominate CTV Platforms, While Netflix Leads S...

Wedbush Morning Call - Jun 13 2025 7:09AM

WEDBUSH INVITE: Watching Connected TV Advertising Trends Monday 6/16 1...

The Trade Desk (TTD, Neutral, $75 target) Amazon.com (AMZN, Buy, $258 ...

Last Friday, Digiday published a pitch deck for Amazon DSP dated February 2025. While there were no huge surprises, it is a helpful primary source and includes some details on fee structure and market positioning.

Trade Desk Inc: 1 director

A director at Trade Desk Inc sold 4,809 shares at 76.661USD and the significance rating of the trade was 50/100. 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 s...

Netflix (NFLX, Neutral, $975 target) Mgmt. Meeting Recap including tak...

We attended NFLX’s group meeting with the investment community post Upfronts earlier today. The full group of executives took questions for an hour, followed by almost another hour of follow-up scrums. We spent most of our time in the follow up period speaking with President of Advertising, Amy Reinhard, and our takeaways mostly walk through the incremental color she shared. There are no changes to our advertising model or estimates. The latest disclosure of 94M monthly active users (MAUs) is ...

US Internet 1Q25 Update Better than feared, but still choppy ahead

We update models for our US Internet coverage following earnings, with estimates and target valuations generally higher.

Steady Progress; Raising PT to $10

The Trade Desk (TTD, Neutral, $55 target) Pushing back on the AMZN =...

In this first take following tonight’s results, we touch on: 1. Results and guide better than feared as Kokai now live for 2/3 of advertisers 2. JBP pipeline at all-time highs 3. AMZN and GOOGL have very different incentives for their DSPs

Estimating the Impact of Potential Film Tariffs

Moody's Ratings upgrades Netflix's senior unsecured notes ratings to A...

Moody's Ratings (Moody's) upgraded Netflix, Inc.'s (Netflix) senior unsecured notes ratings to A3 from Baa1. The outlook remains positive. "The upgrade reflects years of excellent execution, a well entrenched and enviable competitive position, expanding profitability, and free cash flow predictabi...

US Internet: What we know (and don’t know) about China/de minimis adve...

On Monday, we analyzed GOOGL and META’s potential exposure to China-based advertisers HERE, and discussed META’s exposure more HERE. Last night, SNAP cited weakness from advertisers impacted by changes to the de mimimus exemption as one example of the macro uncertainty that led it to pull 2Q25 guidance (see HERE for full takeaways). Led by Temu and Shein, there is likely high overlap between China-based retailers and those impacted by de minimis exemption changes.

Wedbush Morning Call - Apr 21 2025 7:06AM

A Refuge from Uncertainty; Reit OP, PT to $1,200

Netflix 1Q25 Update: Steady in the Storm, target to $975

Our target price increases to $975 from $900 on higher estimates and valuation.

Netflix (NFLX, Neutral, $900 target) First Take: Potential recession ...

In our first take on tonight’s results, we dig into: Long-term outlook: leaked memo is real but aspirational, not a five-year forecast Short-term: tracking above 2025 guide, ads still expected to double, UCAN re-accel Pricing power solid in face of potential macro headwinds – France price hiked International production could be a ballast against digital services taxes

IMAX is Ready to Show Off; Reit OP, $32 PT

Wedbush Morning Call - Apr 11 2025 6:53AM