Trade Desk price target lowered to $35 from $40 at RBC Capital

RBC Capital analyst Matthew Swanson lowered the firm’s price target on Trade Desk (TTD) to $35 from $40 and keeps an Outperform rating on the shares. Heading into the heart of ad-tech and mar-tech earnings, RBC notes it is hearing about solid demand trends from its checks with an environment that generally improved throughout the quarter, and given how late into Q1 the majority of these companies issued guidance, the setup for Q1 is relatively positive for reported results, the analyst tells investors in a research note. RBC adds however that the key areas of concern are for large brand spending in Auto and CPG, with an emphasis on non-food CPG.