Morgan Stanley notes that Disney (DIS) announced it is rolling out DRAX Direct, a direct integration between its Hulu and Disney+ ad inventory and two demand-side platforms, or DSPs, including Trade Desk (TTD). While noting that it had previously expected Disney to work with Trade Desk on its connected TV, or CTV, advertising efforts and stating that “this announcement should drive limited upside to numbers,” the firm calls this deeper partnership “a modest incremental positive” and “one additional data point showing the value that the market ascribes” to Trade Desk’s product. The firm, which views this news as “ultimately bullish for its ability to gain market share in CTV going forward,” has an Overweight rating and $100 price target on Trade Desk shares.
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