Trade Desk downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Matthew Cost downgraded Trade Desk (TTD) to Equal Weight from Overweight with a price target of $50, down from $80. The firm admits to being wrong about the durability of Trade Desk’s growth. Trends in the company’s core connected TV business suggest “mounting headwinds” in 2025, the analyst tells investors in a research note. Morgan Stanley citing execution concerns, softness in the open web ad market, and intensifying competition in connected TV for the downgrade.