reports
Trade Desk Inc: 1 director
A director at Trade Desk Inc sold 213,936 shares at 84.586USD and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Dan Salmon
- Dan Salmon
- Dan Salmon
The Trade Desk (TTD, Neutral, $67 target) Quick thoughts after the cal...
What’s New: In this brief note we touch on: 1. 4Q23 results and 1Q24 guidance both beat expectations 2. Spend & take rate, billings, client count & 10K details 3. CTV leads spend by channel again, AMZN Prime video commentary offers no surprises 4. Latest on Chrome cookie deprecation and UID2 5. OpenPass finally gets a shout out 6. Adjusted EBITDA and margins 7. FCF, share buybacks and when M&A could make sense
- Dan Salmon
US Internet: Implications if WMT buys VZIO (AMZN, GOOGL/YouTube, ROKU,...
What’s New: Earlier this week the WSJ reported that WMT was in talks to acquire VZIO. In this brief note we discuss the potential for: 1. Changes to the TV operating system competitive environment 2. Synergies between WMT and VZIO’s ad businesses 3. Implications for other companies, specifically AMZN, GOOGL/YouTube, ROKU, and TTD.
- Dan Salmon
The Trade Desk (TTD, Neutral, $67 target) Quick thoughts ahead of Thur...
In this brief note we touch on: 1. Expectations for 4Q23 results, 1Q24 guidance and 2023 spend & take rate 2. What to listen for on the call 3. Potential catalysts 4. Retail Media helping TTD at bottom of the funnel 5. Audio opportunity continues to be relatively small but evolving 6. Kokai rollout proceeding 7. Profits and the 40% long-term adjusted EBITDA target 8. FCF, capital return and M&A
- Dan Salmon
The Trade Desk (TTD, Neutral, $67 target) Framing Chrome cookie deprec...
GOOGL’s Chrome browser is now deprecating 1% of third-party cookies, and questions on the impact of full deprecation in 3Q24 are growing. As the leading open web ad tech company, TTD once again finds itself in the spotlight. In this note we update our estimate for TTD’s gross spend exposure to Chrome and add a scenario analysis framing potential 2025 revenue growth headwinds.
- Dan Salmon
Ad Exec Speaker Recap: YouTube Rising as Prime Video Expands Ads
Yesterday, we hosted the latest edition of our digital ad exec speaker series and discussed the top trends in digital advertising, including the latest in connected TV (CTV), retail media’s growth outlook, the durability of search advertising and the coming impact of Chrome cookie deprecation.
- Dan Salmon
- Dan Salmon
- Matt Perault
- Dan Salmon
The Weekend Wrap & Week Ahead
We look ahead at key events for the U.S. Internet sector next week and share our views on: 1. Elon Musk and xAI launch Grok 2. META’s Instagram passes 1M creator subscriptions 3. GOOGL’s Performance Max begins rolling out gen AI ad creative tools 4. YouTube testing gen AI user tools, encouraging creators to add captions. 5. What the CEO change at BMBL means for Online Dating
- Dan Salmon
- Emily Stykes
The Trade Desk (Neutral, TP: $67) 3Q23 Model Update - Lowering TP to $...
Our target price declines to $67 from $69 based on lowered estimates. Investment thesis: We remain Neutral rated. We are positive on TTD’s long-term opportunity to win more spend (anchored by Connected TV) and greater share of the ad technology addressable market; however, we think valuation properly reflects this opportunity.
- Dan Salmon
- Emily Stykes
- Dan Salmon
- Dan Salmon
- Dan Salmon
- Emily Stykes
GOOGL statement on Search case, new YouTube ad frequency/duration on C...
What's New: In our latest edition, we share our views on several recent headlines: 1. GOOGL addresses Search case beginning this week 2. YouTube evaluating new ad frequency and duration on CTV 3. GOOGL’s Privacy Sandbox APIs roll out 4. TTD and ZI partner for expanded B2B ad capabilities 5. Instacart rolls out internal Gen AI assistant
- Dan Salmon
- Emily Stykes
- Sean Kennedy
The Trade Desk (Sell, TP: $69) Initial thoughts following the TTD call...
In this brief note, we discuss: 1. CTV and the outlook for gross spend 2. Retail Media and the outlook for take rate 3. The latest on Identity and UID2 4. Accessing NFLX ad inventory, and 5. OpenPath and agency/SSP competitive dynamics
- Dan Salmon
- Emily Stykes
- Sean Kennedy
TTD: Downgrade to Sell despite higher target price
Our fundamental views on TTD are largely unchanged, as are our estimates. We remain bullish on its long-term gross spend opportunity (including in CTV), and TTD’s data marketplace is growing more robust with the inclusion of more retail media partnerships
- Dan Salmon
- Emily Stykes
- Sean Kennedy
TTD’s Kokai Launch: ID Strategy Augmented by Measurement Strategy
Yesterday, TTD launched Kokai (see a replay of the two hour event here), its new media buying platform. Kokai will help the company’s vision for the open internet through increased measurement capabilities, further optimization of the digital advertising supply chain, and more advancements to its Koa suite of artificial intelligence (AI) tools.
- Dan Salmon
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