Needham keeps Buy on Trade Desk after advertising conference

Needham keeps a Buy rating on Trade Desk with a $32 price target after attending an advertising technology conference. Industry executives agree that the Publicis (PUBGY) versus Trade Desk (TTD) fight is a power struggle over economic splits, bad for both companies and their clients, and will be short-lived, the analyst tells investors in a research note. Needham says “negotiating skills are a key media industry valuation driver, and the only thing that is unusual here is the ‘airing of dirty laundry’ in the press, which is very rare for Publicis.” Joint service agreements accounted for greater than 60% of Trade Desk’s revenue in 2025, and so long as the company is transparent with those brands, they will keep renewing their contracts, Needham contends. Publicis can only control spending by clients that do not have a direct agreement with Trade Desk, the firm adds. Needham heard from several of those brands that they will not follow Publicis’ advice about Trade Desk. The firm says the stock’s selloff in 2026 already takes into account Trade Desk’s tense relationships with the holding companies.