Trade Desk price target lowered to $80 from $90 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on Trade Desk to $80 from $90 but keeps a Buy rating on the shares. The “sharp” pullback in the stock following the company’s Q3 results and below-consensus guide is an opportunity to own one of the best digital ad platforms at a reasonable valuation given Trade Desk’s growth and margin profile, the analyst tells investors in a research note. Strength in FY24 should be driven by further adoption of CTV in the U.S. and international markets, by Retail Media budgets moving online, and augmented by political spend, the firm added.