2024-03-14 09:55:10 ET
Summary
- Opera's financial performance remains strong, but the current stock price is not attractive, leading to a downgrade to a HOLD rating.
- Q4 results were slightly better than our expectations due to moderating operating expenses. We’ve retained our major assumptions for Opera's financial performance.
- Forecasts for 2024 and 2025 were adjusted to reflect slower user growth but higher ARPU.
- Operating costs were better than expected, leading to upward revisions in GAAP and adjusted EBITDA estimates.
Investment thesis
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For further details see:
Opera: Q4 Earnings Review, Targets Confirmed