Citi analyst Ygal Arounian has maintained their bullish stance on TTD stock, giving a Buy rating today.
Ygal Arounian has given his Buy rating due to a combination of factors that highlight Trade Desk’s strong performance and potential for future growth. The company experienced a significant revenue increase in the first quarter, surpassing expectations by 25% year-over-year, which was largely driven by the successful adoption of its Kokai platform. This adoption has turned into a positive force for the company, reversing previous challenges and contributing to its robust financial results.
Despite some macroeconomic concerns that could impact brand advertisers, Trade Desk’s leadership position in the market remains solid. The company’s strategic initiatives, including a reorganization and enhanced focus on brand relationships, are beginning to show positive results. Furthermore, the analyst has raised the target price to $82, reflecting higher estimates and confidence in Trade Desk’s ability to navigate potential headwinds while maintaining its competitive edge.
According to TipRanks, Arounian is a 4-star analyst with an average return of 7.9% and a 47.62% success rate. Arounian covers the Technology sector, focusing on stocks such as Trade Desk, Bumble, and Verisign.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a $80.00 price target.