RESEARCH

Title Date
Paychex 1Q23: What's Ahead for Paychex's Margins? Sep 29, 2022
Software - Is it Time to Invest Again? Slides Sep 29, 2022
Cord-Cutting Monitor Q2 2022: A Turn for the Worse Sep 28, 2022
SoFi: Eight Takeaways from Our Fireside Chat with SoFi’s CEO During MN’s Digital Banking Immersion Day Sep 28, 2022
DocuSign: Right-sizing for a New World Sep 28, 2022
Frontier and Lumen: What’s That in the Bath Water? Maintain Ratings, but Lower PTs Sep 28, 2022
Fiserv - The Upside from Here Sep 28, 2022
5 Takeaways from the 5th Annual MoffettNathanson Advertising Day Sep 27, 2022
Starry: The Dilution Paradox; Lowering PT to $6.50 Sep 27, 2022
Media Comps 2022-09-26 Sep 26, 2022
Telecom Cable Satellite Comps 2022-09-26 Sep 26, 2022
Our Media & Communications comp sheets with closing prices as of September 23, 2022 Sep 26, 2022
Communications Infrastructure Comps 2022-09-26 Sep 26, 2022
CS Disco: Timing of CRO Departure Bad for our Thesis Sep 26, 2022
VG Comps 2022-09-26 Sep 26, 2022
Telecom and Cable & Satellite Marketing Deck Sep 23, 2022
Accenture 4Q22: The Journey to #1 – Accenture’s Market Share and Business Mix Over the Past Decade Sep 23, 2022
Payments, Fintech: Shielded or Exposed? Assessing Integrated PoS Providers’ Recession Resilience Sep 23, 2022
Intuit: Strength in Any Environment - Initiating with Outperform and $500 Price Target Sep 22, 2022
CS Disco: Leading the Litigation SaaS Pack - Initiating at Outperform, $20 price target Sep 22, 2022
Software: Is It Time to Invest Again? Sep 22, 2022
LegalZoom: What We Can and Can't Control - Initiating Coverage with Underperform and $11 Price Target Sep 22, 2022
DocuSign: It Is a Rebuilding Year – Initiating with Underperform Sep 22, 2022
DocuSign - New CEO Certainly has the Chops Sep 22, 2022
Collaboration Software Initiation – Attractive Time to Step In Sep 22, 2022
nCino (NCNO): Great Competitive Position but Macro Risks Ahead – Initiating at Market Perform Sep 22, 2022
FSS Universe of Coverage by Sector Sep 21, 2022
Media Comps 2022-09-19 Sep 19, 2022
Telecom Cable Satellite Comps 2022-09-19 Sep 19, 2022
Take-Two: Grand Theft Source Code? Sep 19, 2022
Communications Infrastructure Comps 2022-09-19 Sep 19, 2022
Payments: The Future of Card Payments and Merchant Acquiring – Our Latest 5-year Forecasts Slides Sep 16, 2022
PGY: ‘Smart’ Lending Winner in Stormy Waters – Initiating Coverage at Market Perform, PT = $12 – in 30 slides Sep 15, 2022
Payments: The Future of Merchant Acquiring, 2022 Edition, Part 2 – Our Five-Year Industry Outlook and Stock Implications Sep 15, 2022
Snap: Back to the Basics Sep 15, 2022
Pagaya: ‘Smart’ Lending Winner in Stormy Waters Slides Sep 15, 2022
Wireless: A Proprietary Deep Dive into iPhone 14 Promotions Sep 15, 2022
Cogent conference call 2022-09-14 Sep 14, 2022
Payments: How Much Growth is Left? Our Latest 5-Year Industry Forecast Sep 13, 2022
Telecom Cable Satellite Comps 2022-09-12 Sep 12, 2022
VG Comps 2022-09-11 Sep 12, 2022
Communications Infrastructure Comps 2022-09-12 Sep 12, 2022
Pagaya: ‘Smart’ Lending Winner in Stormy Waters – Initiating Coverage at Market Perform, PT = $12 Sep 12, 2022
Media Comps 2022-09-11 Sep 11, 2022
Broadband: Can State-Level Build Subsidies Keep Cable Net Additions Positive? Sep 8, 2022
Cogent: A Transformative and Value Accretive Acquisition of Sprint Wireline, Raise PT to $89 Sep 8, 2022
U.S. Media: Post-Summer Positioning Sep 8, 2022
Cogent: Is a Corporate Recovery in the Cards? Lower PT to $70, Maintain Outperform Rating Sep 7, 2022
NFL: Is Cheating a Good Strategy? Sep 7, 2022
Payments, Processors, and IT Services: Fall 2022 Setup - Stock Picks and Top Sector Themes Slides Sep 7, 2022
Digital Banking Immersion Agenda Sep 7, 2022
Payments, Processors, and IT Services: Fall 2022 Setup – Stock Preferences and Top Sector Themes (PRESENTATION) Sep 7, 2022
U.S. Advertising: What’s Driving the Slowdown? Sep 6, 2022
Our Media & Communications comp sheet with closing prices as of September 2, 2022 Sep 6, 2022
Communications Infrastructure Comps 2022-09-05 Sep 5, 2022
Telecom Cable Satellite Comps 2022-09-05 Sep 5, 2022
VG Comps 2022-09-05 Sep 5, 2022
Media Comps 2022-09-05 Sep 5, 2022
Payments, Processors, and IT Services: Fall 2022 Setup – Stock Preferences and Top Sector Themes Sep 1, 2022
Media & Internet Marketing Deck Sep 1, 2022
Payments Sector Marketing Deck Sep 1, 2022
Auction 108: What "Winning" Looks Like Aug 29, 2022
Media Comps 2022-08-29 Aug 29, 2022
Telecom Cable Satellite Comps 2022-08-29 Aug 29, 2022
VG Comps 2022-08-29 Aug 29, 2022
Communications Infrastructure Comps 2022-08-29 Aug 29, 2022
Affirm 4Q22: Crowded Field – Takeaways for Affirm from our Checkout Button Wars Survey Aug 26, 2022
SoFi: Implications of the Student Debt Relief Announcement Aug 24, 2022
U.S. Exhibitors: Does A Regal Bankruptcy Impact U.S. Box Office/CNK? Aug 23, 2022
July Ratings: The Start of Something Different? Aug 23, 2022
Wireless Q2 2022 - Verizon Downgrade slides Aug 22, 2022
VG Comps 2022-08-22 Aug 22, 2022
Telecom Cable Satellite Comps 2022-08-22 Aug 22, 2022
Media Comps 2022-08-22 Aug 22, 2022
Communications Infrastructure Comps 2022-08-22 Aug 22, 2022
Media Sports Rights: What Can We Learn From The Big Ten? Aug 18, 2022
Wireless Q2 2022: The Have and The Have-Nots Diverge; Downgrading Verizon to Underperform, PT $41 Aug 18, 2022
U.S. Video Games Marketing Deck Aug 18, 2022
Data Centers: Past the Point of No Return? A Final Look at ROIC for Much of the Industry Aug 18, 2022
5th Annual Advertising Day Working Agenda 8-18-22 Aug 18, 2022
Nubank 2Q22: The ARPU Accelerator – A Spotlight on Personal Loans Aug 16, 2022
Media Comps 2022-08-15 Aug 15, 2022
Communications Infrastructure Comps 2022-08-15 Aug 15, 2022
Telecom Cable Satellite Comps 2022-08-15 Aug 15, 2022
VG Comps 2022-08-15 Aug 15, 2022
Disney: Quick Reaction to Third Point's Strategy Aug 15, 2022
Toast 2Q22: Sustainability of Hypergrowth Aug 12, 2022
What Does AppLovin’s Offer Tell Us About The Mobile Games Business? Aug 12, 2022
Disney: The End of the Wars … and Domestic Sub Growth Aug 11, 2022
Fox: No Surprises Here (Which is a Good Thing) Aug 10, 2022
Roku: No Safety From the Storm, Downgrade To Underperform, Reiterate $62 Price Target Aug 10, 2022
Coinbase 2Q22: Enough Cash to Survive the Winter? Aug 10, 2022
Starry Q2 2022 Earnings: All that Matters Aug 9, 2022
TTWO: Near Term vs. Long Term – PT down to $126 Aug 9, 2022
VG Comps 2022-08-08 Aug 8, 2022
Telecom Cable Satellite Comps 2022-08-08 Aug 8, 2022
FIS 2Q22: The State of the All-Important Merchant Solutions Business - Market Shares, Yields, Volumes Aug 8, 2022
WPP: Back to the Future? Aug 8, 2022
Communications Infrastructure Comps 2022-08-08 Aug 8, 2022
AMC Networks: Walking the Line Aug 8, 2022
Media Comps 2022-08-08 Aug 8, 2022
DraftKings: Sustainable Marketing Efficiency? Aug 8, 2022
Lightspeed 1Q23: How Much Better (Or Worse) Can Volume Growth Get? Aug 5, 2022
Shift4 2Q22: Reaching for the Stars – How Achievable Is Shift4s Volume Growth Goal? Aug 5, 2022
V, MA: The MindGeek/Pornhub Risk Aug 5, 2022
Warner Bros. Discovery: Reality First, Dreams Second? Aug 5, 2022
Block 2Q22: The State of Afterpay (and other BNPL Buttons) in the U.S. Aug 5, 2022
Frontier Q2 2022 Earnings: Can it Buck the Wireline Broadband Adds Trend? Aug 5, 2022
Cinemark: Momentum Swings Aug 5, 2022
Cogent Q2 2022 Earnings: The Little Telecom that Could? Aug 4, 2022
DXC 1Q23: Yikes, What Happens if Demand Weakens? Aug 4, 2022
Paramount: Weighing the Negatives Despite the + Sign Aug 4, 2022
Cable One Q2 2022 Earnings: Why the Premium? Aug 4, 2022
DraftKings: Food, Shelter, Gas … and Online Betting? Aug 3, 2022
Dish Q2 2022 Earnings: Here We are Again Aug 3, 2022
Lumen Q2 2022 Earnings: What Revenue Growth Giveth, Expense Pressures (More Than) Taketh Away Aug 3, 2022
SoFi 2Q22: No Student Loans, No Problem Aug 3, 2022
EA: The Last Dance Aug 3, 2022
Altice USA Q2 2022 Earnings: Has the Window Closed? Aug 3, 2022
PYPL 2Q22: Checkout, Braintree, and Venmo – the PayPal Trinity Aug 3, 2022
Activision: Trigger Happy