Trade Desk downgraded at BTIG on low visibility and turnaround risk

As previously reported, BTIG downgraded Trade Desk (TTD) to Neutral from Buy and removed the firm’s price target after the company reported Q2 earnings. The firm’s prior thesis around a Kokai-driven turnaround “isn’t playing out” and the firm expects shares to remain “muted from here” with a greater level of uncertainty around the macro and agency backdrop and Trade Desk’s ability to ultimately recapture 20%-plus growth rates, the analyst tells investors. Without evidence of execution that would allow Trade Desk to protect themselves from ongoing in-house migration, it’s “hard to argue for a floor in numbers” and the firm “can still make a plausible argument for further downside,” the analyst added.