Analyst Ygal Arounian from Citi maintained a Buy rating on Trade Desk (TTD – Research Report) and keeping the price target at $82.00.
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Ygal Arounian has given his Buy rating due to a combination of factors that emerged from the Cannes Lions event. Despite the competitive headlines, particularly concerning Amazon’s DSP, Arounian believes that the competition is not as direct as it seems, leaving ample growth opportunities for Trade Desk. The integration of SKU level retail data with partners like Instacart is seen as a significant advancement for Trade Desk, potentially unlocking more performance budgets and providing a counterbalance to Amazon’s offerings.
Furthermore, the macroeconomic environment for Connected TV (CTV) advertising appears healthier than anticipated, which bodes well for Trade Desk’s future performance. Arounian notes that while there may be concerns about Trade Desk’s tech fees, advertisers are likely to continue investing if the company can deliver better returns on investment. Overall, these factors contribute to a positive outlook for Trade Desk, supporting the Buy rating.
In another report released on June 18, Guggenheim also maintained a Buy rating on the stock with a $90.00 price target.
Based on the recent corporate insider activity of 83 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of TTD in relation to earlier this year.