HSBC downgraded Trade Desk (TTD) to Hold from Buy with a price target of $56, down from $84. The company’s Q2 report points to “structural issues,” the analyst tells investors in a research note. The firm says Trade Desk is seeing a deceleration in growth despite a strong advertising market overall. Trade Desk faces more cautious spending by big brands, normalizing connected TV growth, and increasing competition, including from artificial intelligence, contends HSBC.
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