Piper Sandler lowered the firm’s price target on Trade Desk (TTD) to $64 from $65 and keeps a Neutral rating on the shares. The firm notes shares are down 25%-plus following a mixed Q2 print, with results 1% above Street but below buyside expectations of a mid-single-digit beat. Piper likes Trade Desk’s model and proximity to the CTV space, but execution has been choppy, and ad checks were mixed. The firm worries about competition from Amazon (AMZN) and others, although it’s unclear how material this dynamic has been to reported numbers.
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