Trade Desk price target lowered to $75 from $90 at Guggenheim

Guggenheim lowered the firm’s price target on Trade Desk (TTD) to $75 from $90 and keeps a Buy rating on the shares. New revenue and EBITDA guidance were in-line with consensus, but the firm believes investor expectations were ahead of sell-side estimates following beats from Meta (META) and Reddit (RDDT). Slower growth is likely to continue to fuel competition concerns, adds the analyst, who lowered the firm’s multi-year topline and profit estimates to reflect a more moderate growth rate.