Trade Desk price target lowered to $60 from $132 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Trade Desk (TTD) to $60 from $132 and keeps an Overweight rating on the shares. The firm is lowering estimates “across the board” for its North American internet stock coverage as it details macro and tariff impacts to e-commerce and digital ads. Concerns around Kokai adoption, agency relationships, competition from Amazon (AMZN) and recent macro uncertainty lead the firm to cut its FY25 and FY26 EBITDA estimates for Trade Desk by 7% and 13%, respectively, the analyst noted.