Fundamental Research Corp analysts published an updated note on Kidoz Inc, raising their 2021 revenue forecast by 4% to US$11.5 million.
Analysts also said they expect Kidoz to report record revenue in its fourth quarter, which is typically its best quarter of the year.
“The outlook for global digital ad spending remains strong. KIDZ has added several major app publishers to its network, and remains focused on onboarding publishers/apps to increase audience/reach,” the analysts said.
READ: Kidoz sees 3Q revenue grow to $2.8M as mobile advertising industry pivots towards contextual targeting
They noted that another key recent development is the expansion of the company's product offerings from kids under the age of 13, to teens (13-19) and parents, saying they believe all these initiatives should drive revenue growth in 2022.
The Fundamental Research analysts added that Kidoz has also expanded its product development team, implying that management is preparing for growth.
They are maintaining a 'Buy' rating on Kidoz shares while revising their fair value estimate on the stock to C$2.10, from C$2.21 previously.
Contact Sean at sean@proactiveinvestors.com