The Trade Desk (TTD, Neutral, target increases to $83 from $80) Remain sidelined as valuation reflects current growth algorithm
We are more positive than ever on TTD’s identity strategy (UID2, OpenPass, more 1P data, etc.), which combined with more retail media data partnerships, could lay the groundwork for a future lower funnel business. AMZN was the latest walled garden highlighted for potential eventual inventory access, and we continue to expect more walled garden access over time, including in CTV.The Trade Desk is a technology company for buyers of advertising. Through the company's self-service, cloud-based platform, ad buyers can create, manage, and optimize data-driven digital advertising campaigns across ad formats, including display, video, audio, native and social, on a multitude of devices, such as computers, mobile devices, and connected TV. The company's platform's integrations with data, inventory, and publisher partners provides ad buyers reach and decisioning capabilities, and its enterprise application programming interfaces enable its customers to develop on top of the platform.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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