New Street Research - Trade Desk Inc. Class A (TTD) The Trade Desk (TTD, Sell, $86 target) Downgrade to Sell as difficult 2025 political comps loom

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New Street Research

Dan Salmon

EUR 9274.00 For Business Accounts Only

The Trade Desk (TTD, Sell, $86 target) Downgrade to Sell as difficult 2025 political comps loom

We are lowering our rating to Sell from Neutral with an unchanged price target of $86.

29/10/2024 1 EN

Underlying

Trade Desk Inc. Class A

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.

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US88339J1051 NASDAQ Stock Market United States

Provider

New Street Research

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:

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Analysts

Dan Salmon

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What’s New: In this first take we focus on: 1. High expectations/valuation left little room for error 2. Political spend and 2025 comps: expect 1Q25 revenue consensus to come down 3. NFLX, DIS, SPOT all still in crawl phase, GOOGL pulling back from Network

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The Trade Desk (TTD, Sell, $86 target) Downgrade to Sell as difficult 2025 political comps loom

The Trade Desk (TTD, Sell, $86 target) First Take: 1Q25 Revenue Consensus Likely Lower Tomorrow

Advertising Week Takeaways 2H Ad Trends, CTV Pricing, GOOGL, META, AMZN, TTD, SNAP, PINS and RDDT

LG Uplus (Buy, TP: KRW 19,000, +90%) Q3 24 Quick Take: Acceleration in service revenue and EBITDA, but margin diluted by handset costs

KT Corp (Buy, TP: KRW 70,000, +68%) Q3 24 Quick Take: Top line impacted by non-telco weakness, but strong margins lead to profit beat

Pinterest (PINS, Buy, $50 target) First Take: A little soft, but P+ and 3P building into 2025

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