RESEARCH

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Title Date
Cord-Cutting Monitor Q2 2022: A Turn for the Worse Sep 28, 2022
Frontier and Lumen: What’s That in the Bath Water? Maintain Ratings, but Lower PTs Sep 28, 2022
Starry: The Dilution Paradox; Lowering PT to $6.50 Sep 27, 2022
5 Takeaways from the 5th Annual MoffettNathanson Advertising Day Sep 27, 2022
Our Media & Communications comp sheets with closing prices as of September 23, 2022 Sep 26, 2022
Telecom and Cable & Satellite Marketing Deck Sep 23, 2022
Take-Two: Grand Theft Source Code? Sep 19, 2022
Snap: Back to the Basics Sep 15, 2022
Wireless: A Proprietary Deep Dive into iPhone 14 Promotions Sep 15, 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
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
Media & Internet Marketing Deck Sep 1, 2022
Auction 108: What "Winning" Looks Like Aug 29, 2022
July Ratings: The Start of Something Different? Aug 23, 2022
U.S. Exhibitors: Does A Regal Bankruptcy Impact U.S. Box Office/CNK? Aug 23, 2022
Media Sports Rights: What Can We Learn From The Big Ten? Aug 18, 2022
Data Centers: Past the Point of No Return? A Final Look at ROIC for Much of the Industry 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
Disney: Quick Reaction to Third Point's Strategy Aug 15, 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
Starry Q2 2022 Earnings: All that Matters Aug 9, 2022
TTWO: Near Term vs. Long Term – PT down to $126 Aug 9, 2022
WPP: Back to the Future? Aug 8, 2022
AMC Networks: Walking the Line Aug 8, 2022
DraftKings: Sustainable Marketing Efficiency? Aug 8, 2022
Warner Bros. Discovery: Reality First, Dreams Second? 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
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
EA: The Last Dance Aug 3, 2022
Altice USA Q2 2022 Earnings: Has the Window Closed? Aug 3, 2022
Activision: Trigger Happy Aug 2, 2022
SBA Q2 2022 Earnings: A Better Physical Indicator Aug 1, 2022
Roku: A Hot Streaming Mess Jul 29, 2022
Charter Q2 2022 Earnings: The End of Act II… and the Beginning of Act III Jul 29, 2022
American Tower Q2 2022 Earnings: Significant Visibility Jul 28, 2022
Comcast Q2 2022 Earnings: White Knuckles Jul 28, 2022
Digital Realty Q2 2022 Earnings: Puts and Takes Jul 28, 2022
Meta: Thesis Interrupted Jul 28, 2022
T-Mobile Q2 2022 Earnings: The House Keeps Getting Better… even as the Block is Still Getting Worse Jul 27, 2022
Equinix Q2 2022 Earnings: Full Steam Ahead Jul 27, 2022
Alphabet: Lapping the Bubble of 2021 Jul 27, 2022
Twitter: The Musk of Disappointment Jul 25, 2022
Observations from T’s & VZ’s Q2 Earnings, and Read-Across for LUMN & FYBR Jul 25, 2022
Activision: End Game? Upgrading to Outperform Jul 25, 2022
U.S. Media: Are We There Yet? Downgrade PARA to Underperform Jul 22, 2022
Snap: A Vote of No Confidence; Downgrade to Market Perform Jul 22, 2022
Altice USA: Is Suddenlink Really for Sale? Jul 22, 2022
MoffettNathanson's Early Take on Twitter's 2Q 2022 Earnings Jul 22, 2022
Verizon Q2 2022 Earnings: The Elder Statesman Stumbles Jul 22, 2022
Interpublic: Better Than Most Jul 22, 2022
AT&T Q2 2022 Earnings: What's the Value Proposition? Jul 21, 2022
U.S. Advertising: If a Recession Happens, How Bad Could It Be? Jul 21, 2022
Netflix: Old Media Rules Jul 20, 2022
Omnicom: If It Is Raining in Brooklyn, Won’t It Rain in Queens? Jul 20, 2022
Crown Castle Q2 2022 Earnings: How the Other Half Lives (or Inflates) Jul 20, 2022
Commercial Wireline Services: Hope Springs Eternal Jul 19, 2022
U.S. Media: The Quarterly U.S. SVOD Tracker (2Q 2022) Jul 18, 2022
U.S. Wireless: The Industry Inflation Forgot (Part II) Jul 15, 2022
Cord-Cutting Monitor Q1 2022: A Series of Unfortunate Events Jul 13, 2022
U.S. Video Game Publishers: Initiation of Coverage Jul 13, 2022
U.S. Media & Internet: Initiation of Coverage Jul 12, 2022
U.S. Cable & Satellite and Telecommunications: Initiation of Coverage Jul 12, 2022
U.S. Communications Infrastructure: Initiation of Coverage Jul 11, 2022
U.S. Internet: The Short and Skinny on Short-Form Video Jun 16, 2022
Disney and IPL: The Definition of a Sticky Wicket! – June 15, 2022 Jun 15, 2022
Netflix and Disney: Mad Men to the Rescue? Jun 14, 2022
Lumen: Would a Sale of its European Unit Matter? Jun 14, 2022
Starry: Now Comes the Hard Part… Initiating Coverage with a Buy Rating, TP $11 Jun 13, 2022
EA: Round Tripping, Moving to Neutral Jun 10, 2022
U.S. Advertising: It’s Not Just a Cyclical Problem – Revising Down Our Long-term Bullish Forecasts May 26, 2022
U.S. Towers: Assessing Tower Equities in a Time of Turbulence, and Takeaways from Connect(X) May 26, 2022
Wireless Q1 2022: The Elephant in the Room May 25, 2022
Take-Two: It's Ready When It's Ready May 17, 2022
Disney: Two Years Later and Two Years from Now May 12, 2022
U.S. Data Centers: Implications of the Acquisition of Switch May 11, 2022
EA: Football is Life, Upgrading to Buy May 11, 2022
U.S. Video Games: Zynga's Last Dance - May 10, 2022 May 10, 2022
Fox: Still a Good Place to Hide May 10, 2022
DraftKings: Stuck in a Moment May 9, 2022
Cinemark: Exhibitors’ Swagger Back? May 9, 2022
Frontier Q1 2022 Earnings: What Does a Logo Tell Us? May 6, 2022
Dish Network Q1 2022 Earnings: A Retail Report Card May 6, 2022
AMC Networks: Is A Different Business Model Enough? May 5, 2022
U.S. Cable: Opportunity in the Aftermath May 5, 2022
Cable One Q1 2022 Earnings: How Safe Is Rural? (Part II) May 5, 2022
Paramount: Sticking to the Plan May 4, 2022
Lumen Q1 2022 Earnings: The Read Across May 4, 2022
U.S. Media: The Point of No Return? May 2, 2022
Interpublic: Safety in Ad Land Apr 29, 2022
Roku: Now You Know What You Are Buying Here; Upgrade to Neutral Apr 29, 2022
Charter Q1 2022 Earnings: Wireless versus Broadband Apr 29, 2022
Cogent Q1 2022 Earnings: Don’t Let the Drive-By CFO Transition Overshadow Improving Financial Results Apr 29, 2022
Digital Realty Q1 2022 Earnings: The Land of Giants Apr 28, 2022
Comcast Q1 2022 Earnings: It’s the Subscribers, Stupid Apr 28, 2022
Altice USA Q1 2022 Earnings: How Safe Is Rural? Apr 28, 2022
Meta: We're Not Dead Yet! Apr 28, 2022
T-Mobile Q1 2022 Earnings: Is that… ARPU Growth??? Apr 27, 2022
WPP: Agencies 1, All Other Advertising 0 Apr 27, 2022
Equinix Q1 2022 Earnings: All of Their Ducks in a Row Apr 27, 2022
Alphabet: Brace Yourself and Take a Breath Apr 27, 2022
American Tower Q1 2022 Earnings: Germany on my Mind Apr 27, 2022
Activision: Biding Time Apr 26, 2022
Warner Bros. Discovery: A New Journey Begins Apr 26, 2022
SBA Q1 2022 Earnings: Solid Results plus an FX Tailwind Apr 25, 2022
Twitter: Run … To The Bank Apr 25, 2022
Snap: Spotlight on the Macro Apr 22, 2022
Verizon Q1 2022 Earnings: Pity the Elder Statesman Apr 22, 2022
AT&T Q1 2022 Earnings: Is there Really a Path to Better (Higher) Pricing? Apr 21, 2022
Crown Castle Q1 2022 Earnings: Exogenous Factors vs. Company-Specific Ones Apr 20, 2022
Omnicom: A Brand New Day? Apr 20, 2022
Netflix: Four Reasons Why… Cutting Price Target to $245 Apr 20, 2022
The Quarterly U.S. SVOD Tracker (1Q 2022) Apr 18, 2022
It’s Time to Take Cable’s Wireless Business Seriously [Updated] Apr 18, 2022
Twitter: Take The Money … And Run Apr 14, 2022
Roku: Three Key Things to Worry About Apr 13, 2022
Fixed Wireless: Where the Subscribers Are Coming From Apr 12, 2022
Towers & Data Centers: A Funny Thing Happened on the Way to Higher Rates... Downgrade SBA to Neutral Apr 11, 2022
Warner Bros. Discovery: Contender or Pretender? Apr 11, 2022
AT&T: Alone at Last… Moving to Our Post-Spin Target Price of $19 Apr 5, 2022
U.S. Video Games: PlayStation Plus Gets a Makeover Mar 30, 2022
U.S. Cable and the Census: How Footprints Matter - March 29 2022 Mar 29, 2022
CyrusOne: Dropping Coverage Mar 28, 2022
U.S. Media: The State of Linear Viewing (2021) Mar 24, 2022
Frontier: A Fiber Expansion Progress Report; Returns Appear On Track, But Lower TP to $33 on Macro Factors Mar 23, 2022
U.S. Advertising: Re-Examining Our Wide-Eyed Optimism Mar 21, 2022
Wireless Q4 2021: The Industry Inflation Forgot Mar 17, 2022
Netflix: A Simple Question, What Is The TAM? Mar 15, 2022
Take-Two: A Look at New Take-Two Mar 11, 2022
Cogent: Waiting for Godot, or Waiting for COVID to Go? Maintain Buy, Lower TP to $78 Mar 8, 2022
Disney: Dreams vs. Reality; What are Streaming Margins? Mar 7, 2022
DraftKings: The Big TAM vs. Profit Debate Rages On Mar 4, 2022
U.S. Broadband: Are We Witnessing a Fiber Bubble? Mar 4, 2022
SBA Q4 2021 Earnings: Can the Guide Get the Stock Moving? Feb 28, 2022
WPP: Wait for It? Feb 25, 2022
Cinemark: Box Office Beyond Masks & Capes? Feb 25, 2022
Crown Castle: Meeting with Dan Schlanger, CFO Feb 25, 2022
Discovery: Can WBD Compete on Streaming Without Winning the Spending War? Feb 24, 2022
Dish Network Q4’21 Earnings: What Kind of Story is This? Feb 24, 2022
American Tower Q4 2021 Earnings: Evaluating CoreSite in the Context of 2022 and Long Term Guidance Feb 24, 2022
Cogent Q4 2021 Earnings: Is a Post-Omicron Future Coming Into View? Feb 24, 2022
Cable One Q4 2021 Earnings: Has CABO Finally Fallen to a Reasonable Valuation? Feb 24, 2022
Frontier Q4 2021 Earnings: The Long View Feb 23, 2022
DraftKings: Make the Money First, Then Get the Power Feb 22, 2022
Netflix: Another Look at Netflix’s Content Amortization Feb 22, 2022
Altice USA: Wrong Story, Wrong Time… Downgrading to Neutral, Target Price $15 Feb 18, 2022
Roku: Now You Know What You Have Bought Here Feb 18, 2022
Meta: Is It Time to Throw in the Virtual Towel? Feb 17, 2022
AMC Networks: Everything to Someone, Not Something for Everyone Feb 17, 2022
Digital Realty Q4 2021 Earnings: Will the Benefits of Portfolio Changes and Record Leasing Pay Off? Feb 17, 2022
Paramount: New Name, Same Questions Feb 16, 2022
Lumen: Time to Ease Off? Not Yet... Lower TP to $8, Maintain Sell Rating Feb 16, 2022
Equinix Q4 2021 Earnings: A Mixed Outlook Against a Challenging Macro Backdrop Feb 16, 2022
Altice USA Q4 2021 Earnings: Cable’s New Canary? Feb 16, 2022
CyrusOne Q4 2021 Earnings: Exiting on a High Note Feb 16, 2022
U.S. Video Games: Axie Inevitable - February 15, 2022 Feb 15, 2022
Twitter: Stop Us If You Have Heard The One About… Feb 11, 2022
Interpublic: Do You Believe In…The Guide? Feb 11, 2022
Disney: Meet the New Boss Feb 10, 2022
AT&T: The After Math. Setting Our Post-Spin TP at $20 Feb 10, 2022
Fox: A Better Way to Play Sports Betting? Feb 9, 2022
Omnicom: Do You Believe In Re-Ratings? Feb 9, 2022
Lumen Q4 2021 Earnings: Interpreting a Year of Investment Feb 9, 2022
Take-Two: Opportunity Costs Feb 8, 2022
Snap: Back To Reality Feb 4, 2022
Activision: Cover Fire Feb 4, 2022
Facebook: The Beginning of the End? Feb 3, 2022
EA: Party of One? Feb 2, 2022
T-Mobile Q4 2021 Earnings: The Valuation Conundrum Feb 2, 2022
Alphabet: Thesis Confirming From A to Z Feb 2, 2022
U.S. Media & Internet: What Should You Do Now? Jan 31, 2022
Charter Q4’21 Earnings: Wireless Steps into the Spotlight Jan 28, 2022
Comcast Q4 2021 Earnings: Five Questions… Three Answers Jan 27, 2022
Crown Castle Q4 2021 Earnings: Dawn of a New Era? Jan 26, 2022
AT&T Q4 2021 Earnings: To Split or to Spin, That is the Question Jan 26, 2022
Verizon Q4 2021 Earnings: Is There a Growth Story Here? Jan 25, 2022
U.S. Online Gaming: A Sure Bet for the Media Industry, But Who Else? Lowering DKNG Price Target to $23 Jan 25, 2022
Netflix: Did We Get Our Answer? Lower Target Price From $460 to $375 Jan 21, 2022
Activision: The Console Wars Go Meta, Downgrading to Neutral Jan 19, 2022
Disney: Elvis Has Left the Building, What Should Bob C. Do Now? Jan 18, 2022
Starlink: Go Big or Go Home – January 18, 2022 Jan 18, 2022
Netflix & 4Q21 SVOD Tracker: “Don’t Look Up”; Cutting NFLX Price Target to $460 Jan 13, 2022
U.S. Data Centers: Assessing 2022 Outlooks and Digital Realty’s Actions in Singapore and Africa Jan 13, 2022
Take-Two: A Different Tune, Downgrading to Neutral Jan 11, 2022
Fixed Wireless Access: Making Sense of the Capacity Challenge - January 11, 2022 Jan 11, 2022
Crown Castle and T-Mobile: Implications of Their Tower and Small Cell Agreement Jan 7, 2022
U.S. Media: Will 2022 Be the Year When We Can Answer Our Simple Question? Jan 5, 2022
Cord Cutting Monitor Q3 2021: Glueless? Jan 4, 2022
CoreSite: Dropping Coverage Jan 3, 2022
U.S. Telecom and Cable: A Year in Review, a Year in Preview - December 21, 2021 Dec 21, 2021
U.S. Video Games: 2021 in Review and Thoughts on 2022 Dec 21, 2021
Communications Infrastructure: 2021 Review and 2022 Outlook Dec 21, 2021
U.S. Towers: Revisiting Tower/Data Center Convergence, and Assessing SBA’s New Markets Dec 14, 2021
U.S. Online Gaming: What Are You Playing For? Initiating Coverage of DraftKings at Neutral Dec 13, 2021
U.S. Media: Inside SVOD Usage – Our POMO Theory Revisited Dec 9, 2021
Wireless Q3 2021: The One-Dimensional Industry; A Deep Dive into Mobile Pricing Dec 8, 2021
Activision: Bottom Fishing Dec 8, 2021
U.S. Media & Pay TV: Revisiting the Bottom Nov 30, 2021
Lumen and Cogent: The Structural vs. The Temporal Nov 30, 2021
U.S. Wireless: From Bad to Worse… A Proprietary Deep Dive into Black Friday Promotions Nov 29, 2021
EA: Missed Opportunities Nov 22, 2021
Warner Bros. Discovery: Key S-4 Takeaways – November 22, 2021 Nov 22, 2021
Broadband Q3 ’21: The Great Deceleration… Four Forces Nov 18, 2021
Roku: What Are You Buying Here? Not What You Think! Downgrade to Sell Nov 17, 2021
A Data Center Double Header: American Tower Buys CoreSite while KKR and GIP Buy CyrusOne Nov 15, 2021
Data Centers and Towers: REITworld Takeaways and Thoughts on a Potential Acquisition of CoreSite Nov 11, 2021
Disney: "This is the Business We've Chosen" Nov 11, 2021
Cinemark: Is The Box Office Really Back? Nov 8, 2021
Frontier: Meeting with Scott Beasley, CFO; Revise TP to $36 and Maintain Buy Rating Nov 5, 2021
AMC Networks: The Beauty of Small Numbers Nov 5, 2021
Dish Network Q3’ 21 Earnings: 5G Costs Come Into View Nov 4, 2021
ViacomCBS: The Cost of Streaming Nov 4, 2021
EA: The Virtues of Stability Nov 4, 2021
Take-Two: Back to Normal Nov 4, 2021
Cogent Q3 2021 Earnings: Are We There Yet? Nov 4, 2021
Fox: Many Ways to Keep Winning Nov 4, 2021
Roku: It’s Not You, It’s Me Nov 4, 2021
Cable One Q3 2021 Earnings: Gimme Shelter? Nov 4, 2021
Altice USA Q3 2021 Earnings: The End of the “Altice Way”? Nov 4, 2021
Frontier Q3 2021 Earnings: Do Earnings Matter? Nov 3, 2021
Activision: Recalibrating Expectations Nov 3, 2021
Discovery: Stepping onto the Deleveraging Tightrope Nov 3, 2021
Equinix Q3 2021 Earnings: Electrifying Nov 3, 2021
Lumen Q3 2021 Earnings: The Growth Imperative Nov 3, 2021
T-Mobile Q3 2021 Earnings: Conflicting Narratives Nov 2, 2021
Meeting with Ronan Dunne, CEO of Verizon Consumer Group Nov 2, 2021
SBA Q3 2021 Earnings: The Benefits of Simplicity Nov 1, 2021
U.S. Media: Next Up for Supply Chain Worries…TV? Nov 1, 2021
WPP: Who Do You Believe? Oct 29, 2021
Charter Q3 2021 Earnings: A Little Perspective, Please? Oct 29, 2021
American Tower Q3 2021 Earnings: Tower Leasing Doesn’t Move in Lockstep, but it Rhymes Oct 28, 2021
Comcast Q3 2021 Earnings: The Moment of Truth Oct 28, 2021
CoreSite Q3 2021 Earnings: Leasing Inching in the Right Direction Oct 28, 2021
CyrusOne Q3 2021 Earnings: Relative Multiple Oct 27, 2021
Alphabet and Twitter: Nothing to See Here Oct 27, 2021
Facebook: R E L A X Oct 26, 2021
Digital Realty Q3 2021 Earnings: Steady as She Goes Oct 26, 2021
Interpublic: Premium For A Reason Oct 22, 2021
Towers Marketing Deck Oct 22, 2021
Data Center Marketing Deck Oct 22, 2021
Internet Infrastructure Marketing Deck Oct 22, 2021
Snap: "The reality is we admire Apple" Oct 22, 2021
AT&T Q3 2021 Earnings: Strategy by Subtraction Oct 21, 2021
Omnicom: Supply Chains Supply Blame Oct 20, 2021
Verizon Q3 2021 Earnings: The Next Chapter Oct 20, 2021
Crown Castle Q3 2021 Earnings: Judging 2022 Guidance against a Backdrop of Elevated Expectations Oct 20, 2021
EA: What's in a Name? - October 20, 2021 Oct 20, 2021
Netflix: POMO (Positions of Maximum Opportunity)? Oct 19, 2021
Data Centers: Should We Be Worried About Global Power Cost Increases? Oct 18, 2021
Disney: Is It Time to Lower the DTC Subscriber Bar and Other Questions Oct 18, 2021
3Q21 SVOD Tracker: About That Pull Forward… Oct 15, 2021
Convergence Apocalypse? - October 14, 2021 Oct 14, 2021
U.S. Towers: Trading Around the Edges, and Why We Still Prefer SBA Oct 13, 2021
Activision: The Great Wall of Worry Oct 12, 2021
Facebook: Is This Time Different? Oct 11, 2021
AT&T: Finally Fairly Valued? Upgrading to Neutral Oct 7, 2021
Data Centers: Assessing the Impact of Developments across the Interconnection Landscape Oct 1, 2021
Comcast and Disney: Hulu Dancing Sep 30, 2021
U.S. Wireless: A Proprietary Deep Dive into iPhone 13 Promotions Sep 28, 2021
Roku: What Are You Really Buying Here? Sep 28, 2021
U.S. Media: Who Wins from Football’s Ratings Strength? – September 24, 2021 Sep 24, 2021
Disney: Live by Sub Adds, Die by Sub Adds – September 22, 2021 Sep 22, 2021
U.S. Broadband: History Rhymes Sep 21, 2021
U.S. Advertising: Can This Online Ad Feast Continue? Sep 15, 2021
Commercial Wireline Services: The Anti-Cycle Sep 14, 2021
Q2 2021 Cord-Cutting Monitor: Et Tu, Sports??? Sep 13, 2021
NFL: Will the Glue Continue To Be As Sticky? Sep 10, 2021
Altice USA: Too Many Ways to Win… A Sum of the Parts View Sep 8, 2021
QTS: Dropping Coverage Sep 1, 2021
U.S. Video Games: Booster Shots Aug 26, 2021
Wireless Q2 2021: When the Sugar High Fades Aug 19, 2021
Frontier: A Clearer Path... Updating our Target Price and Assessing Operational Data, Supply Chain, and Comps Aug 18, 2021
Disney: Earnings Recovery vs. Multiple Expansion Aug 13, 2021
Snap: Can They Keep This Growth Up? Aug 12, 2021
Cable One Q2 2021 Earnings: The Canary Sings Aug 9, 2021
Cinemark: Still Many More Questions Than Answers Aug 9, 2021
AMC Networks: Why the Secrecy? Aug 9, 2021
Dish Q2 2021 Earnings: The Long Farewell (of a Hunger Strike) Aug 9, 2021
ViacomCBS: Swimming in the Streaming Deep End Aug 6, 2021
EA: Flight to Safety? Aug 5, 2021
Cogent Q2 2021 Earnings: The Twists and Turns on the Road to Normalcy Aug 5, 2021
WPP: Need A Little More Convincing Aug 5, 2021
Roku: What Is the Revenue Model? Aug 5, 2021
Fox: Playing a Different Game Aug 5, 2021
Frontier Q2 2021 Earnings and Analyst Day: Charting the Course Ahead (And it Looks Pretty Interesting) Aug 5, 2021
Discovery: What’s The Rush? Aug 4, 2021
Activision: A Tough Test Aug 4, 2021
QTS Q2 2021 Earnings: Running Through the Tape Aug 3, 2021
Lumen Q2 2021 Earnings and Apollo ILEC Deal: Sales (Divestitures) vs. Sales (Revenue) Aug 3, 2021
U.S. Media: The End of Those Easy Compares Aug 2, 2021
SBA Q2 2021 Earnings: The Anticipation Builds Aug 2, 2021
TTWO F1Q'22 Earnings: Simple, Not Easy Aug 2, 2021
U.S. Media: Shouldn’t We Worry About the Box Office “Recovery”? - July 30, 2011 Jul 30, 2021
Charter Q2 2021: Thank Goodness for Simple Stories Jul 30, 2021
American Tower Q2 2021 Earnings: The Portfolio Effect in Effect Jul 29, 2021
CoreSite Q2 2021 Earnings: The Song Remains the Same Jul 29, 2021
T-Mobile Q2 2021: The House or the Neighborhood? Jul 29, 2021
Digital Realty Q2 2021 Earnings: The Fruits of its Labor? Jul 29, 2021
Facebook: The Company You Keep? Jul 29, 2021
Comcast Q2 2021: Where Will All the Cash Go? Jul 29, 2021
Equinix Q2 2021 Earnings: What’s Left to Juice the Stock? Jul 28, 2021
Alphabet: All the Right Moves Jul 28, 2021
Altice USA Q2 2021: Choose Your Poison… Price or Volume? Jul 28, 2021
CyrusOne Q2 2021 Earnings: Will a New CEO Merit a New Outlook? Jul 28, 2021
Lumen: Hasta La Vista, Baby... Implications of the Sale of its LatAm Unit Jul 26, 2021
Dish Network: The Worst Case Scenario is Off the Table; Upgrading to Neutral, TP $40 Jul 26, 2021
Snap and Twitter: For Once, Everyone Is a Winner Jul 23, 2021
AT&T Q2 2021 Earnings: Timing is Everything Jul 22, 2021
Verizon Q2 2021 Earnings: Good for Now… But Is It Sustainable? Jul 21, 2021
Netflix: What If Conventional Wisdom Is Wrong? Jul 21, 2021
Interpublic: The Point of Difference Jul 21, 2021
Crown Castle Q2 2021 Earnings: The Small Cell Dilemma Jul 21, 2021
Omnicom: Shedding an ICONic Business Jul 20, 2021
AT&T and Dish: Be Careful What You Wish For Jul 19, 2021
U.S. Towers and U.S. Data Centers: Judging Cross-Sector Valuations and Appeal Jul 16, 2021
Disney: What Happens When One World Opens As Another Slows? Jul 14, 2021
U.S. Cable: After the Gold Rush Jul 13, 2021
U.S. Streaming Media: What Is Your RPU? Jul 8, 2021
Cable Wireless: The Impact on TelCos Jul 6, 2021
Netflix: Can Netflix Become Disney Faster than Disney Becomes Netflix? Jun 29, 2021
U.S. Theaters: It’s All About The Windows Jun 25, 2021
Takeaways from Equinix’s 2021 Analyst Day Jun 24, 2021
Ready Player MN: Initiating Coverage of U.S. Video Game Publishers Jun 24, 2021
U.S. Advertising: Did You Hear the One About the Upfront Going Away? Jun 10, 2021
Highlights from REITweek 2021 Management Meetings Jun 10, 2021
Cogent: Is an Inflection on the Horizon? Raise TP to $84, Maintain Buy Rating Jun 7, 2021
Data Centers: What are the Takeaways from Blackstone’s Acquisition of QTS? Jun 7, 2021
U.S. Broadband: The Headwind of Fiber Overbuilds and the Tailwind of Stimulus Jun 3, 2021
Lumen: You Think I Ain’t Worth a Dollar, but I Feel Like a Millionaire... Raising TP to $10, Maintain Sell Rating Jun 1, 2021
Q1 2021 Cord-Cutting Monitor: Meet the New Boss, Same as the Old Boss May 27, 2021
Discovery: Stuck In A Moment; Downgrade to Neutral May 24, 2021
Wireless Q1 2021: AT&T Unchained? May 21, 2021
Discovery: Above the Globe…and Beyond! May 18, 2021
T and DISCA: "News, Sports and Discovery" May 17, 2021
Disney: A Long Time Ago in a Galaxy Far, Far Away May 14, 2021
U.S. Media & Internet: What Happens When the World Reopens? May 11, 2021
AMC Networks: Stop Us If You’ve Heard This One Before May 10, 2021
Cinemark: Deals in Hand, Problem Solved? May 10, 2021
ViacomCBS: The First Step Up The Mountain May 7, 2021
Roku: Selling the Shovels May 7, 2021
Cable One Q1 2021 Earnings: The Margin Story May 6, 2021
Fox: Thursday Night Lite May 6, 2021
Lumen Q1 2021 Earnings: What Went Wrong, and What Might Go Right May 5, 2021
T-Mobile Q1 2021 Earnings: The Anxious Twilight of LTE May 4, 2021
Frontier: Assigning Buy Rating and Target Price of $31 May 4, 2021
Charter Q1 2021 Earnings: A Return to First Principles? Apr 30, 2021
Frontier Q1 2021 Earnings: Welcome Back Apr 30, 2021
Twitter: The Math Doesn't Make Sense? Apr 30, 2021
Discovery: Proving the Discovery Difference Apr 29, 2021
Facebook: Do Not Track? Apr 29, 2021
Interpublic and WPP: The V-Shaped Agency Recovery Apr 29, 2021
American Tower Q1 2021 Earnings: Chugging Along, with Drivers for the Future Falling into Place Apr 29, 2021
Digital Realty Q1 2021 Earnings: Growth Cross-Currents Apr 29, 2021
Dish Network Q1’21 Earnings: About that Amazon Deal… Apr 29, 2021
Comcast Q1 2021 Earnings: Let's Get Stimulated! Apr 29, 2021
CoreSite Q1 2021 Earnings: Not Yet Humming Apr 29, 2021
Alphabet: Two Years + Three Tailwinds = $2,800 PT Apr 28, 2021
Cogent Q1 2021 Earnings: Closer to a Turn? Apr 28, 2021
Altice USA Q1 2021 Earnings: Price versus Volume Apr 28, 2021
Equinix Q1 2021 Earnings: Slower, but Sustainable? Apr 28, 2021
CyrusOne Q1 2021 Earnings: Is the New Leadership Team Making Progress? Apr 28, 2021
AT&T and Verizon: Holding Pattern? Downgrading Verizon to Neutral Apr 27, 2021
QTS Q1 2021 Earnings: Can QTS Keep It Up? Apr 27, 2021
U.S. Media: The Plot Twists Keep Coming! Upgrading ViacomCBS to Neutral Apr 26, 2021
SBA Q1 2021 Earnings: All Eyes On 2022 Apr 26, 2021
Snap: And It Gets Better From Here Apr 23, 2021
AT&T Q1'21 Earnings: A War on Three Fronts Apr 22, 2021
Omnicom: The First of Many? Apr 21, 2021
Crown Castle Q1 2021 Earnings: Moving in the Right Direction Apr 21, 2021
Netflix: Is Streaming a Good Business? (Part 2) Apr 21, 2021
Verizon Q1’21 Earnings: Is Good Enough Good Enough? Apr 21, 2021
Fox: Why We Remain Bullish Apr 19, 2021
A Semi-Precious Stone in the Rough... Initiating Coverage of Frontier Apr 19, 2021
Altice USA: How Long is ATUS’s Broadband Runway? A Peek through the Lens of Proprietary Market Share Data Apr 16, 2021
U.S. Media: Is Streaming a Good Business? Apr 14, 2021
Dish Network: Revisiting the Logic of a Satellite Merger Apr 13, 2021
U.S. Towers: Revisiting Key Growth Drivers and Reassessing Valuations Apr 12, 2021
Is Starlink a Substitute for, or a Supplement to, Wired Broadband? Apr 5, 2021
Data Centers: What Insights Can ROIC Reveal About Performance and Valuation? Mar 31, 2021
U.S. Advertising: The Case for Our Wide-Eyed Optimism Mar 31, 2021
U.S. Media: A Return of the “Haves” and “Have-Nots”; Downgrade VIAC to Sell Mar 25, 2021
U.S. Sports: The NFL Spikes the Ball Mar 19, 2021
U.S. Broadband: Stimulus to the Rescue? Mar 16, 2021
U.S. Wireless: Seven Takeaways from Three Analyst Days Mar 15, 2021
WPP: In the End, It Just Wasn’t That Bad Mar 12, 2021
ViacomCBS: Climbing a Mountain of Worries Mar 11, 2021
Disney: ESPN Lacing Up Their Skates Again – March 11, 2021 Mar 11, 2021
Commercial Wireline Services: Will the Recovery be Good, or Bad, for Incumbents? Mar 9, 2021
Roku: Is It AOL or Is It Netflix? Mar 8, 2021
Wireless Q4 2020: That Which is Unsustainable… Mar 5, 2021
Q4 2020 Cord-Cutting Monitor: Revisiting the Value Chain Mar 2, 2021
AMC Networks: Not The Walking Dead? Mar 1, 2021
Cinemark: Will Share Gains Be Enough? Mar 1, 2021
Twitter: They Are Not Who We Thought They Were Feb 26, 2021
U.S. Telecom: Aftershocks from the C-Band Auction Feb 25, 2021
ViacomCBS: Mission Impossible? Feb 25, 2021
American Tower Q4 2020 Earnings: Looking Out Over the Sprint Churn Hump Feb 25, 2021
Cable One Q4 2020 Earnings: The High Price of a High Valuation? Feb 25, 2021
Cogent Q4 2020 Earnings: Searching for a Bottom Feb 25, 2021
Snap: They Are Who We Thought They Were Feb 24, 2021
Discovery: A New Growth Company? Feb 23, 2021
SBA Q4 2020 Earnings: The Shape of the “U” Feb 22, 2021
Dish Network Q4 2020 Earnings: When Will We Learn about Financing? Feb 22, 2021
Roku: Hunting for Impressions Feb 19, 2021
Omnicom: Easy Comps & Longer Term Challenges Feb 18, 2021
Digital Advertising: Will Apple Be Poisonous? Feb 17, 2021
CyrusOne Q4 2020 Earnings: A Good Q4... Whither 2021? Feb 17, 2021
QTS Q4 2020 Earnings: Blowout* Feb 16, 2021
Disney: Three Different Mice Feb 12, 2021
Interpublic: Rather Be Early (Part 2) Feb 11, 2021
Digital Realty Q4 2020 Earnings: The Repositioning Shining Through Feb 11, 2021
Equinix Q4 2020 Earnings: Confidence vs. Caution Feb 10, 2021
Lumen Q4 2020 Earnings: Focus on Fundamentals Feb 10, 2021
Twitter: Signs of Green Shoots; Upgrade to Neutral Feb 10, 2021
Altice USA Q4 ’20 Earnings: Same Debate, Different Day Feb 10, 2021
Fox: Will Frustration Lead To More Action? Feb 9, 2021
U.S. Media: Will Going OTT Burst The Sports Bubble? Feb 8, 2021
Snap: Doubling Down on Growth Feb 5, 2021
U.S. Media: Should We Worry About Sports Ratings? Feb 4, 2021
T-Mobile Q4 2020 Earnings: Balance Sheet Wars? Feb 4, 2021
CoreSite Q4 2020 Earnings: Slowly Gathering the Necessary Ingredients Feb 4, 2021
Cogent: A Revenant, Not a Dead Man Walking... Upgrade to Buy, Target Price $69 Feb 3, 2021
Alphabet: Disclosing a Much Better Story Feb 3, 2021
High Voltage: Some Thoughts on SBA’s Deal with PG&E Feb 3, 2021
Charter Q4 2020 Earnings: Can Growth be Sustained? Jan 29, 2021
Facebook: Exit Velocity Jan 28, 2021
Comcast Q4 2020 Earnings: Flex versus Peacock Jan 28, 2021
AT&T Q4 2020 Earnings: Something's Gotta Give Jan 27, 2021
Discovery+: International Markets Are Complicated, but Represent a Vast Opportunity – January 27, 2021 Jan 27, 2021
Crown Castle Q4 2020 Earnings: Positioned to Lead in Tower Growth? Jan 27, 2021
Verizon Q4 2020: After the Auction Jan 26, 2021
4Q20 SVOD Tracker: I’ll Be Streaming for Christmas? Jan 22, 2021
Dish Network: The U.S. Auction, and Lessons from Japan Jan 20, 2021
Netflix: The Residue of Design Jan 20, 2021
American Tower: Exploring Europe... What Should We Make of the Telxius Towers Acquisition? Jan 19, 2021
U.S. Media & Internet: Blue Skies for Now; Upgrading Discovery and Snap to Buy Jan 15, 2021
Data Centers: Positioning for 2021 and Beyond Jan 14, 2021
Twitter: The Dark Side of the Trump Bump Jan 11, 2021
The 5G Winner’s Curse (Part II): The Rhyme of History – January 11, 2021 Jan 11, 2021
U.S. Media: Our Virtual Visit to an Altered Universe Jan 5, 2021
The 5G Winner’s Curse? - January 4, 2021 Jan 4, 2021
U.S. Cable & Satellite and Telecom: A Year in Review, and a Year in Preview Dec 21, 2020
Communications Infrastructure: 2020 Review and 2021 Outlook Dec 21, 2020
WPP: Turning It Around? Dec 18, 2020
Broadband 2021: Where Are All the Subs Coming From? Dec 16, 2020
Disney: “If It Was Easy, Everyone Would Do It” Dec 11, 2020
RDOF Auction Results: Money for Nothing? Implications for Lumen, Charter, Satellite, Towers, and Others Dec 8, 2020
The C-Band Auction: And So it Begins… - December 8, 2020 Dec 8, 2020
Disney: Do You Believe in Magic? (Act 2) Dec 7, 2020
AT&T & U.S. Theaters: Suicide Squad? – December 4, 2020 Dec 4, 2020
U.S. Towers: Taking a Fresh Look at 2021 and Beyond Dec 4, 2020
Discovery: Is discovery+ More Like CBS All Access or Disney+? – December 3, 2020 Dec 3, 2020
Wireless Q3 2020: The Spoils of a Three Player Market? Upgrading Verizon to Buy, Raising TP to $66 Dec 2, 2020
U.S. Advertising: That Was Unexpected! Nov 24, 2020
5G Summit: The Road to Revolution - Key Takeaways Nov 23, 2020
U.S. Towers: What Should We Make of Crown Castle’s Deal with Dish Network? Nov 23, 2020
Q3 2020 Cord-Cutting Monitor: Are We Finding a Floor? Nov 19, 2020
Takeaways from REITworld 2020 Management Meetings Nov 19, 2020
U.S. Media: The Day the Windows Broke – An Update – November 17, 2020 Nov 17, 2020
Digital Advertising: It’s Good to Be Small & Medium Nov 16, 2020
Disney: The Disney Rorschach Test Nov 13, 2020
ViacomCBS: Walking the Transformation Tightrope Nov 9, 2020
Discovery: The Discovery Difference? Nov 6, 2020
Cinemark: Can Dynamic Windowing Be A Good Thing? Nov 6, 2020
Roku: Stream On, Dream On Nov 6, 2020
Dish Network Q3 2020 Earnings: What Have We Learned? Nov 6, 2020
Cogent Q3 2020 Earnings: COVID Winner to COVID Loser to COVID What? Nov 5, 2020
T-Mobile Q3 2020 Earnings: From 3G Worst to 5G First Nov 5, 2020
Cable One Q3 2020 Earnings: Twin Pillars Nov 5, 2020
Fox: Is the Trump News Network to Blame? Nov 4, 2020
Lumen Q3 2020 Earnings: Hangin’ Tough Nov 4, 2020
AMC Networks: Needing a Bigger “Life” Boat? Nov 3, 2020
SBA Q3 2020 Earnings: The Last Best Hope Nov 2, 2020
Online Advertising: Easy Money Oct 30, 2020
Charter Q3 2020 Earnings: The Big Pull-Forward? Oct 30, 2020
American Tower Q3 2020 Earnings: End of an Era? Oct 29, 2020
WPP: Does the V Look Like a U for Now? Oct 29, 2020
Comcast Q3 2020 Earnings: Pet Rock Oct 29, 2020
CoreSite Q3 2020 Earnings: A Return to Normalcy Oct 29, 2020
Altice USA Q3 2020 Earnings: The M&A Exit? Oct 29, 2020
Digital Realty Q3 2020 Earnings: Portfolio Evolution Oct 29, 2020
Omnicom: Enough Already, Upgrade to Neutral from Sell Oct 28, 2020
CyrusOne Q3 2020 Earnings: Ride ‘Em On Down Oct 28, 2020
Equinix Q3 2020 Earnings: What is an Unassailable Position Worth? Oct 28, 2020
QTS Q3 2020 Earnings: Conditioning Investors Oct 26, 2020
AT&T Q3 2020 Earnings: What Did AT&T See? Oct 22, 2020
Interpublic: Rather Be Early Than Late; Upgrade to Buy Oct 22, 2020
Crown Castle Q3 2020 Earnings: Confirming Fears? Oct 21, 2020
Netflix: Netflix and Chill Oct 21, 2020
Snap: As If 2020 Never Happened Oct 21, 2020
Verizon Q3 2020: The Many Riddles of 5G Oct 21, 2020
U.S. Media & Internet: Of Tailwinds & Bubbles? Oct 19, 2020
MN 3Q20 SVOD & AVOD Tracker: The Afterglow? Oct 14, 2020
The Incredible Shrinking AT&T... A Sum of the Parts View Oct 13, 2020
U.S. Data Centers: What Risks Should We be Focused On? Oct 13, 2020
5G is Here… Sort of: Takeaways from Apple’s iPhone 12 Launch - October 13, 2020 Oct 13, 2020
Disney: Reorganizing and Accelerating Pivot to Direct-to-Consumer – October 13, 2020 Oct 13, 2020
U.S. Theaters: Unten(et)able? Oct 9, 2020
Spectrum, the Swamp, and Chaos in Washington: Your Tax Dollars at Work - October 7, 2020 Oct 7, 2020
Finally, a Good Valuation Comp for Cogent? Oct 6, 2020
Disney: A Lifeboat, But At What Price? Oct 1, 2020
Dish Network: The Wholesale versus Retail Dilemma Oct 1, 2020
U.S. Digital Advertising: Are Even the Bulls Too Low? Sep 29, 2020
Roku: Is the +20% Move Justified Post the NBCU Deal? Sep 23, 2020
American Tower and T-Mobile: Understanding the MLA, and Trimming Tower Forecasts to Account for It Sep 21, 2020
U.S. Media: Too Much Of A Good Thing? – September 17, 2020 Sep 17, 2020
U.S. Media and Internet: Capital Markets 101? Sep 16, 2020
Verizon Enters (and Tracfone Exits) the Pre-paid Market: Takeaways from Our Conversation with CFO Matt Ellis Sep 14, 2020
Some Thoughts on CenturyLink Rebranding as Lumen Sep 14, 2020
Q2 2020 Broadband: The Footprint Expansion Game Sep 10, 2020
U.S. Media: An NFL Season Like No Other! Sep 10, 2020
U.S. Towers: Returning to Returns... How Do Crown Castle and its Fiber Business Stack Up? Sep 2, 2020
U.S. Advertising: Explaining the Inexplicable Aug 31, 2020
WPP: Time Now to Compare and Contrast Aug 28, 2020
Fox: Is It Time to Sell the Broadcast Assets? Aug 24, 2020
Commercial Wireline Services: Has the Worst Passed, or is This the Calm Before the Storm? Aug 21, 2020
Wireless Q2 2020: Chasing T-Mobile Aug 19, 2020
Cogent: A Disappointing Q2, But Not the End of the Story... Upgrading to Neutral Aug 16, 2020
U.S. Media & Internet: A Tale of Two Tales Aug 13, 2020
Q2 2020 Cord-Cutting Monitor: The Second Cycle Aug 12, 2020
Dish Network Q2 2020 Earnings: How Safe is Dish’s Rural Stronghold? Aug 7, 2020
ViacomCBS: Can They Get To The Other Side? Aug 7, 2020
Roku: Feels Like the First Time Aug 6, 2020
Cogent Q2 2020 Earnings: First Look Post-COVID Aug 6, 2020
T-Mobile Q2 2020 Earnings: Come On In, the Water’s Fine Aug 6, 2020
Cable One Q2 2020 Earnings: Closing the Gap Aug 6, 2020
Discovery: Can the SUV Float? Aug 5, 2020
CenturyLink Q2 2020 Earnings: COVID Cross-Currents Aug 5, 2020
Disney and Fox: What’s My Narrative? Aug 5, 2020
AMC Networks: Summing Up A Quarter Aug 5, 2020
Cinemark: Can PVOD Terms Still Improve? Aug 4, 2020
SBA Q2 2020 Earnings: How Similar to its Peers? Aug 3, 2020
Charter Q2 2020 Earnings: De-risking Broadband Jul 31, 2020
Alphabet and Facebook: Letting the Numbers Do the Talking Jul 31, 2020
CoreSite Q2 2020 Earnings: Mojo on the Horizon? Jul 30, 2020
Altice USA Q2 2020 Earnings: The “Can It Grow” Debate Jul 30, 2020
American Tower Q2 2020 Earnings: Mid-Year Checkup Jul 30, 2020
Digital Realty Q2 2020 Earnings: Strutting its Stuff Jul 30, 2020
Comcast Q2 2020 Earnings: Growth versus Value Jul 30, 2020
CyrusOne Q2 2020 Earnings: Swimming with the Tide? Jul 29, 2020
Interpublic: Crisis Management Jul 29, 2020
Crown Castle Q2 2020 Earnings: What Happens Next? Jul 29, 2020
Equinix Q2 2020 Earnings: Powering Ahead Jul 29, 2020
U.S. Media: The Day the Windows Broke – July 29, 2020 Jul 29, 2020
Omnicom: OMG, OMC Jul 28, 2020
U.S Media & Internet: As Clear As Mud! Jul 28, 2020
QTS Q2 2020 Earnings: So, Just How Good? Jul 27, 2020
Verizon Q2 2020 Earnings: Strategy versus Execution Jul 24, 2020
Twitter: Playing in Traffic Jul 23, 2020
AT&T Q2 2020 Earnings: Fewer Degrees of Freedom Jul 23, 2020
Snap: The Data Doesn't Fit the Narrative Jul 22, 2020
U.S. Data Centers: Is Past Prologue? A Close Look at AFFO per Share Trends Jul 21, 2020
Green Lights and Yellow Flags: Initiating Coverage of Roku at Neutral Jul 20, 2020
Netflix: Pull Forward & Wait Jul 17, 2020
The Fallacy of Marginal Cost Advantage: Part II - July 15, 2020 Jul 15, 2020
MN Quarterly SVOD Tracker: From War to Peace? Jul 14, 2020
U.S. Media: Say Goodbye to Those Empty vMVPD Calories Jul 13, 2020
Charter Enters the Rural Subsidies Game… Winners and Losers - July 13, 2020 Jul 13, 2020
Some Thoughts on Crown Castle’s Fiber Segment Jul 7, 2020
Cable and the Democrats: What Are We Afraid Of? - July 7, 2020 Jul 7, 2020