Trade Desk price target raised to $80 from $67 at KeyBanc

KeyBanc analyst Justin Patterson raised the firm’s price target on Trade Desk (TTD) to $80 from $67 and keeps an Overweight rating on the shares. The firm says it had viewed the Q4 print as a unique miss, and Q1’s materially better than expected results help support this. The Trade Desk’s success with Kokai adoption appears to be driving stronger ROAS and helping advertisers reach audiences that are incremental to walled garden campaigns. While macro remains a near-term concern, KeyBanc believes better execution increases the likelihood The Trade Desk can get back to a 20% growth profile as economic conditions improve.