Shares of adtech firm Trade Desk (TTD) are rallying at the time of writing after Evercore ISI, led by five-star analyst Mark Mahaney, upgraded the stock from Hold to Buy. The upgrade was based on the investment firm’s growing confidence in digital ad spending, better execution by Trade Desk, and strong new product developments. Indeed, Evercore said that it has seen clear improvements in how Trade Desk is performing, both in the products it offers and how it markets them to clients.
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In a research note dated June 26, Evercore highlighted the positive feedback about Trade Desk’s updated Kokai user experience. One programmatic ad agency leader noted that the transition from Solimar to Kokai in early 2024 went very well and that client service has improved significantly. And while Wells Fargo downgraded Trade Desk the day before due to worries about competition from Amazon (AMZN), Evercore believes that Google (GOOGL) is more likely to lose market share to Amazon’s demand-side platform. In fact, it argues that Amazon’s ad offerings overlap more with Google’s DV360 than with Trade Desk’s platform.
Looking ahead to 2026, Evercore expects Trade Desk to grow its revenue by about 20% per year, not including political ad boosts, which could add an additional percentage point of growth during the U.S. midterm elections. Other key growth drivers include rising ad spending from Netflix (NFLX), increased retail media budgets, better targeting through Trade Desk’s Retail Sales Index, and major global events like the 2026 FIFA World Cup and Winter Olympics. As a result, Evercore has a $90 price target for the stock, which equates to more than 28% upside from current levels.
Is TTD Stock a Good Buy?
Overall, analysts have a Strong Buy consensus rating on TTD stock based on 23 Buys, four Holds, and one Sell assigned in the past three months, as indicated by the graphic below. Furthermore, the average TTD price target of $87.29 per share implies 23.5% upside potential.
