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.
Claim 55% Off TipRanks
New trading tool for AMZN bullsPublished first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TTD:
- Laura Martin Maintains Buy Rating on Trade Desk Despite Slower Growth, Citing Strong Earnings and Long-Term Potential
- Wedbush downgrades Trade Desk to Neutral as competitive pressures emerge
- Trade Desk downgraded to Neutral from Outperform at Wedbush
- Trade Desk double downgraded to Underperform from Buy at BofA
- Trade Desk downgraded to Underperform from Neutral at BofA