Trade Desk downgraded to Hold from Buy at Jefferies

Jefferies downgraded Trade Desk (TTD) to Hold from Buy with a price target of $50, down from $100. The firm views the company’s Q2 report and Q3 outlook as “worrisome.” It now sees risk to Trade Desk’s long-term 20%-plus revenue growth and expects limited upside to the stock’s multiple. The magnitude of the company’s revenue growth deceleration in Q2 along with the Q3 sales outlook “were concerning given other generally solid advertising prints,” the analyst tells investors in a research note. Jefferies cites a lack of clarity behind the slowdown and near-term catalysts for the downgrade.