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TMT: 1Q 2015 Earnings Rundown

Two main themes surprised us during 1Q15. First, advertisers are showing caution at a particularly eventful moment in the evolution of mobile commerce, and second, the enterprise transition to the cloud is playing out even faster and more profitably than

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AAPL: iPhone 6 Upgrades Setting up a Difficult Compare

Using data disclosed by Apple during its 2FQ 15 earnings release and call, it’s possible to triangulate iPhone mix and penetration of sales to existing users: with an average ASP of $659, we estimate iPhone 6/6 Plus represent 60-65% of

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Mobile Commerce: AAPL and GOOG Have Home Field Advantage

AAPL and GOOG have enormous advantages in the emerging phenomenon of mobile commerce. With platform control over mobile devices, they stand between consumers and the many companies looking to engage with them to influence and complete mobile transactions online and

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QCOM: The Sun Comes After the Rain

Sentiment on QCOM has come a full circle back to the skepticism that plagued the stock at the time of our last detailed look in May 2013, falling to “Death Watch” quadrant of our valuation framework, signifying weak projected cash

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Digital Advertising: The 7 Habits of Highly Effective Ad Platforms

Considering marketing spending beyond the roughly $537B in global measured media, suggests a more than $1.5T market, where digital makes up less than 10%. Given the inherent advantages of digital – targeting, acquiring customers, tracking behavior, facilitating transactions, building loyalty,

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AAPL: High Priced, Cause it Feels So Nice

The fashion focused Apple Watch will launch 4/24 with high prices and predictable functionality, yielding limited volumes, but reasonable revenues and excellent profits during the first year. The $349-$399 entry point is too high for most users, most of whom

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TMT Model Portfolio Update: Escaping the Death Watch

We assessed the valuations of 187 US traded large cap TMT stocks, separating their EV into near-term and long-term components and graphing them on these axes. In the framework, the names fall into quadrants that have interesting implications for trading.

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Net Neutrality: Reining in the Dumb Pipe Oligopoly

  The Title II reclassification of broadband reflects a sea change in policy and is a substantial threat to the long term growth and profitability assumptions at the core of cable and telco valuations. The overwhelming public support for restraints

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Quick Thoughts: TWTR – BOOM! There’s MAUs in Them Thar Tweets

–     TWTR doesn’t have a user problem – it has a registration problem, and it’s taking steps to fix it. Meanwhile, it has the most easily monetized platform this side of GOOG search. –     Adjusted for change in the integration

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Advertising: The “Golden Age” of TV Enters its Golden Years

US TV advertising has crested and is beginning its inevitable decline. In an era of rising transmission fees and a vigorous market for content licensing, media companies have been reporting disappointing revenues for their TV network units – the result

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