Trade Desk price target raised to $82 from $63 at Citi

Citi analyst Ygal Arounian raised the firm’s price target on Trade Desk (TTD) to $82 from $63 and keeps a Buy rating on the shares. The company reported a “strong (and much needed) beat and raise” quarter revenue up 25% year-over-year and Q2 guidance ahead despite the macro environment, the analyst tells investors in a research note. The firm says the most important factor from the quarter is that Kokai has turned into a tailwind after it was a key reason for the Q4 miss, as adoption is now tracking ahead of expectations. Citi find Trade Desk’s outperformance a “strong tangible proof point” of its leadership position and helps improve confidence that near-term concerns on competition, especially from Amazon, are overdone.