Company Overview - Opera is a Norway-based tech firm with an enterprise value of approximately $1.28 billion, primarily owned by Kunlun Tech since 2016 [3] - The company has been operational for three decades and focuses on providing faster, smarter, and safer web browsing experiences [2] Financial Performance - In Q3 2025, Opera reported a revenue of $151.9 million, reflecting a 23% year-over-year growth, exceeding analyst expectations by $3.8 million [7] - The company's non-GAAP EPS was 30 cents per share, which missed forecasts by one cent [7] - Year-to-date, Opera's shares have declined by 20% due to increased operating expenses and decreased operating cash flows [6] Market Position and Analyst Insights - Goldman analyst Eric Sheridan highlights Opera's strong fundamentals and operating momentum, despite pressures from competition and investor preferences for larger companies [8] - Sheridan maintains a positive outlook, indicating that Opera is well-positioned to benefit from long-term trends in digital advertising and geographic product mix shifts, projecting sustained double-digit growth [8] - The stock has a Buy rating with a price target of $24.50, suggesting a potential upside of 69% in the coming year [8] Industry Context - The small-cap sector, including Opera, is expected to outperform in early 2026 due to favorable macroeconomic conditions, including accelerating US economic growth and continued Federal Reserve easing [5] - The Russell 2000 index, a benchmark for small-cap stocks, has gained in the mid-teens this year, indicating a positive trend for small-cap investments [5]