Trade Desk price target lowered to $67 from $74 at KeyBanc

KeyBanc lowered the firm’s price target on Trade Desk (TTD) to $67 from $74 and keeps an Overweight rating on the shares. The firm’s ad agency checks are deteriorating, with budget growth expectations now landing in the 3%-5% range. While digital ads should generally outpace the market by 2-3 turns, KeyBanc is incrementally cautious that ripple effects on supply chains and consumer spending could pressure margins and EPS across the group.