Research
HSBC Downgrades Trade Desk to Reduce From Hold, Adjusts Price Target to $20 From $31
Trade Desk (TTD) has an average rating of overweight and mean price target of $26.75, according to analysts polled by FactSet.
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Research
Research Alert: CFRA Maintains Hold Opinion On Shares Of The Trade Desk
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $28 from $30 on a P/E of about 13x our 2027 EPS estimate, below peers and historical levels to reflect concerns about decelerating growth and the numerous changes to the leadership team, which we believe are unsettling investors. After providing disappointing Q2 guidance on decelerating growth trends, we cut our EPS to $1.93 from $2.05 for 2026 and to $2.19 from $2.27 for 2027. Although TTD's valuation appears enticing on the surface (less than 10x 2027), we question whether this is becoming a value trap for investors. TTD posted growth of 12% in Q1, decelerating to 8% in Q2, blaming the macroeconomic environment and geopolitical tensions. The departure of Chief Strategy Officer Samantha Jacobson to OpenAI (she remains on the board) follows other recent high-profile executive changes and contributes to the narrative of management turnover. We believe the combination of macro pressures, management turnover, competitive pressures, and other issues will continue to weigh on sentiment.
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Wire
Piper Sandler Cuts Trade Desk Price Target to $24 From $28, Neutral Rating Kept
Trade Desk (TTD) has an average rating of overweight and mean price target of $27.31, according to analysts polled by FactSet.Price: $22.34, Change: $-1.15, Percent Change: -4.90%
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US Markets
Industry Headwinds, Iran War Drive Trade Desk's Weak Outlook, KeyBanc Says
Trade Desk's (TTD) second-quarter guidance trailed Wall Street's projections as the ad-buying software maker faces growth challenges from broader industry shifts and the impact of the Middle East conflict, KeyBanc Capital Markets said in a note emailed Friday.Trade Desk expects revenue of at least $750 million and adjusted earnings before interest, taxes, depreciation and amortization of about $260 million, it said late Thursday. The sales guidance came in below KeyBanc's expectations of $758 million and the Street's view that the brokerage put at $771 million.The adjusted EBITDA outlook also missed KeyBanc's and market estimates, according to the brokerage."Our sense is the combination of Middle East turmoil, ad agency tensions, and changes to industry structure are pressuring growth," KeyBanc analysts, including Justin Patterson, said. "While the first two factors could eventually reach a resolution, we do not see the competitive factor changing any time soon."The brokerage downgraded its rating on Trade Desk to sector weight from overweight."Global economic pressures, wars, and tariffs have created an environment that is harder for some brands and some brand categories to grow," Chief Executive Jeff Green said on an earnings conference call, according to a FactSet transcript. "Still, this environment also creates lots of opportunity for change and upgrade."Trade Desk shares were down 5.8% intraday Friday. The stock is down 42% year to date."The macro conditions plus (artificial intelligence) innovations are making the global advertising ecosystem as dynamic and changing as ever," Green told analysts. "We are in the best position to benefit from this current environment."For the quarter ended March 31, non-GAAP EPS fell to $0.28 from $0.33 a year earlier, while net sales climbed 12% to $688.9 million. Wall Street's views were for $0.32 and $678.9 million, respectively.Price: $22.00, Change: $-1.50, Percent Change: -6.36%
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Wire
Benchmark Adjusts Trade Desk Price Target to $30 From $40
Trade Desk (TTD) has an average rating of overweight and mean price target of $27.31, according to analysts polled by FactSet.Price: $21.94, Change: $-1.56, Percent Change: -6.62%
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Research
KeyBanc Downgrades Trade Desk to Sector Weight From Overweight
Trade Desk (TTD) has an average rating of overweight and mean price target of $28.63, according to analysts polled by FactSet.
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Research
William Blair Downgrades Trade Desk to Market Perform From Outperform
Trade Desk (TTD) has an average rating of overweight and mean price target of $28.63, according to analysts polled by FactSet.
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Research
Oppenheimer Downgrades Trade Desk to Market Perform From Outperform
Trade Desk (TTD) has an average rating of overweight and mean price target of $28.63, according to analysts polled by FactSet.
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Research
Research Alert: Ttd: Q2 Guidance Disappoints On Revenue And Ebitda; Slew Of Concerns
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TTD posted Q1 revenue growth of 12% to $689M, beating our 10% forecast, though profitability faced significant pressure with adjusted EBITDA margin declining 400bp to 30% from 34% and non-GAAP EPS falling 15% to $0.28, missing $0.32 consensus. The company maintained strong customer retention above 95% and generated robust operating cash flow of $392M, up 35%, supporting continued capital return activities. We are growing increasingly concerned about recent deceleration amid high management turnover and the ongoing Publicis dispute alleging unauthorized fees, hidden markups, and forced opt-ins, plus intensifying competitive pressures from Amazon. Q2 guidance disappointed with revenue of at least $750M (10%-11% growth) and adjusted EBITDA of approximately $260M, both meaningfully below consensus expectations of $770M and $291M respectively. The balance sheet remained robust with $1.4B in cash and cash equivalents with no debt, supporting share repurchases of $164M during the quarter.
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Wire
Trade Desk Q1 Adjusted Earnings Fall, Revenue Rises; Q2 Guidance Set
Trade Desk (TTD) reported Q1 adjusted earnings late Thursday of $0.28 per diluted share, down from $0.33 a year earlier.Analysts polled by FactSet expected $0.32.Revenue for the three months ended March 31 was $688.9 million, up from $616 million a year earlier.Analysts surveyed by FactSet expected $678.9 million.For Q2, the company expects revenue of at least $750 million. Analysts expect $771.2 million.
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Wire
Trade Desk Poised to Report Q1 Revenue Growth In-Line With Consensus, Wedbush Says
Trade Desk (TTD) is expected to report Q1 revenue growth of 10% to $678 million, in-line with consensus of $679 million, along with earnings per share of $0.33 versus consensus of $0.32, when the company reports its quarterly results on Thursday, Wedbush said in a Monday note.The company's Q1 gross margin is expected to shrink by 100 basis points to 76%, following contractions throughout 2025, as Trade Desk invests in infrastructure to support increasing media impressions and new technology, Wedbush said.For Q2, the company is expected to guide in line with consensus of $773 million in revenue and $294 of million in earnings before interest, taxes, depreciation and amortization, the firm said. Any near-term headwind from the Publicis audit failure in mid-March is expected to be masked by Connected TV ad growth driven by the FIFA World Cup, according to the note.Wedbush further said that the heightened competitive landscape and narrative pressure surrounding Trade Desk should be offset by spending tailwinds from FIFA World Cup in Q2-Q3 and political spending in the back-half.Wedbush upgraded its rating on the company's stock to neutral from underperform and maintained its $23 price target.Price: $24.63, Change: $+0.40, Percent Change: +1.65%
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Research
Wedbush Upgrades Trade Desk to Neutral From Underperform, Keeps $23 Price Target
Trade Desk (TTD) has an average rating of overweight and mean price target of $30.65, according to analysts polled by FactSet.
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US Markets
Stocks Rise, Oil Declines Pre-Bell as US, Iran Agree to Two-Week Ceasefire
US equity futures were pointing higher on Wednesday while oil prices fell as the US and Iran agreed to a two-week ceasefire, potentially paving the way for the reopening of the crucial Strait of Hormuz.The S&P 500 rose 2.6%, the Dow Jones Industrial Average increased 2.4% and the Nasdaq advanced 3.3% before the opening bell. The S&P 500 and the Nasdaq finished the previous trading session in the green, while the Dow closed lower.In a social media post on Tuesday, President Donald Trump announced that he agreed to suspend "the bombing and attack of Iran for a period of two weeks" based on conversations and requests from Pakistan's Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. The suspension of hostilities is subject to Iran agreeing to the "complete, immediate, and safe opening" of the Strait of Hormuz, according to Trump."We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate," Trump said in his post. "Almost all of the various points of past contention have been agreed to between the (US) and Iran, but a two week period will allow the agreement to be finalized and consummated."Trump had previously set an 8 pm ET deadline on Tuesday for Iran to fully reopen the strait or face destructive military attacks.In a separate statement shared on X, Iran's Foreign Minister Seyed Abbas Araghchi said Tehran will halt its defensive operations if attacks against it are stopped. Iran will also allow "safe passage" through the Strait of Hormuz, a key route for crude flows, during the two-week ceasefire through coordination with its armed forces and "with due consideration of technical limitations," according to Araghchi.Pakistan has invited US and Iranian delegations to Islamabad on Friday to further negotiate a "conclusive agreement to settle all disputes," Sharif said on X. Reuters reported earlier in the week that Pakistan put forward a proposal to both countries for an immediate ceasefire followed by a broader agreement to permanently end their war.The US-Israel war with Iran began at the end of February, disrupting shipments through the Strait of Hormuz and driving up energy prices. The conflict spread across the Middle East, with Gulf countries forced to intercept missiles and drones fired by Tehran.West Texas Intermediate crude oil dropped 16% to $94.39 a barrel in premarket action, while Brent fell 14% to $94.18.The Fed is scheduled to post minutes of its last policy meeting at 2 pm, which will be assessed for fresh insight on the central bank's monetary policy. Last month, the central bank held interest rates steady, saying the Middle East conflict poses uncertainty to the US economic outlook.Markets widely expect the Fed to keep its benchmark lending rate steady at its next policy meeting later in April, according to the CME FedWatch tool.Treasury yields plunged before the open, with the two-year rate declining 9.7 basis points to 3.74% and the 10-year rate falling 9.5 basis points to 4.25%.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.Delta Air Lines (DAL) and RPM International (RPM) report their latest financial results before the bell, among others. Constellation Brands (STZ) releases its earnings after the markets close.Shares of Levi Strauss (LEVI) jumped 11% pre-bell as the denim maker lifted its full-year outlook. Palo Alto Networks (PANW) inclined 2.1% while Trade Desk (TTD) was up nearly 4%.Gold gained 2.5% to $4,800 per troy ounce, while bitcoin climbed 4.3% to $71,663.
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