Benchmark downgrades Trade Desk to Sell, says shares ‘priced to perfection’

As previously reported, Benchmark downgraded Trade Desk (TTD) to Sell from Hold with a $38 price target. The firm sees "untenable" buyside expectations for FY23, arguing that the shares are "priced to perfection in an imperfect market." The firm also sees "unhealthy non-CTV growth," stating that its recent checks indicate 2023 U.S. digital ad spend being flat to down 5%. The firm additionally has concerns about data/signal loss risk over the next 18 months from Apple (AAPL) and Google (GOOGL) decisioning and no reprieve from UID2 and a declining investor appetite for high multiple, high beta and highly U.S.-dependent stocks.