Zeta Global Holdings Corp. (ZETA): A Bull Case Theory

We came across a bullish thesis on Zeta Global Holdings Corp. on Global Equity Briefing’s Substack by Ray Myers. In this article, we will summarize the bulls’ thesis on ZETA. Zeta Global Holdings Corp.'s share was trading at $18.89 as of October 13th. ZETA’s forward P/E was 22.32 according to Yahoo Finance.

Zeta Global’s Investor Day on October 8, 2025, outlined a clear roadmap toward a durable, predictable, and profitable growth trajectory. While the stock initially surged nearly 8%, it ended flat as investors expected upgraded 2028 guidance following the Marigold acquisition—which management reaffirmed as incremental rather than embedded in projections. Zeta’s core message centered on long-term visibility, subscription-driven stability, and expanding profitability through scalable, AI-enabled infrastructure.

The $325M acquisition of Marigold’s enterprise software business meaningfully expands Zeta’s footprint among over 100 global enterprises—particularly across EMEA and APAC—bringing high-value clients, loyalty capabilities, and rich consumer data that bolster Zeta’s AI-driven marketing engine. Acquired for under 2x forward sales and 10–12x EBITDA, Marigold adds $190M in expected 2026 revenue at 70%+ gross margins, providing strategic synergies in cross-selling and data enrichment.

The reaffirmed 2028 guidance targets $2.1B in revenue, $525M in adjusted EBITDA, and $340M in free cash flow, implying strong compounding through operational leverage and disciplined execution. Zeta’s new AI ecosystem, anchored by “Athena,” a conversational agent transforming marketing workflows, underscores the company’s ambition to redefine campaign execution through natural-language automation powered by proprietary first-party data.

Complementary launches such as the AI Agent Studio, Agentic App Suite, Generative Engine Optimization tools, and GenUI collectively position Zeta as an early mover in agentic, data-rich marketing automation. Despite near-term disappointment over unchanged guidance, management’s conservative approach and AI-led expansion strategy reinforce a compelling long-term opportunity as estimate revisions and synergy realization unfold.

Previously we covered a bullish thesis on Zeta Global Holdings Corp. (ZETA) by jasmichelle7 in January 2025, which highlighted the company’s AI-driven marketing platform, strong enterprise customer base, and path to profitability. The stock has appreciated approximately 0.8% since our coverage, as the thesis has only partially played out. Ray Myers shares a similar outlook but emphasizes Zeta’s Investor Day, Marigold acquisition, and AI-led scalable growth.

Zeta Global Holdings Corp. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held ZETA at the end of the second quarter which was 40 in the previous quarter. While we acknowledge the potential of ZETA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.