Oppenheimer Adjusts The Trade Desk PT to $600 From $950, Maintains Outperform Rating
10:56 AM EDT, 05/11/2021 (MT Newswires) -- Oppenheimer decreased its price target on The Trade Desk (TTD) on lower peer valuation, but reiterated its outperform on accelerated revenue in Q1 and strong Q2 guidance.
According to the brokerage the company's Q1 revenue ex. political grew 42% y/y, however investors expected more upside given broad Q1 digital advertising outperformance.
Oppenheimer believes revenue acceleration was muted relative to peers as the company likely over-earned in Q4 from "budget flush" and higher CTV seasonality.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 477.76, Change: -11.84, Percent Change: -2.42