Trade Desk downgraded to Hold from Buy at Stifel

Stifel downgraded Trade Desk (TTD) to Hold from Buy with a price target of $26, down from $48. AdAge reported that Publicis is no longer recommending Trade Desk to its clients after a third-party consultant determined the company failed an audit of its service agreement with the agency. Stifel told investors that while it does believe Trade Desk remains the gold standard for digital ad buyers, and the firm imagines there will be some resolution with Publicis, it struggles to find a clear catalyst that will begin to change investor perception to a more positive stance, which means shares are unlikely to work in the near-term.