DA Davidson keeps a Buy rating and $78 price target on Trade Desk while adding the stock to the firm’s Best-of-Breed Bison initiative that seeks to identify the highest quality companies with “strong competitive positioning and exceptional financials”. The company is a differentiated Ad Tech asset with sustainable competitive and scale advantages, having established itself as the leading platform for programmatic digital ad buying on the open Internet, the analyst tells investors in a research note. Trade Desk also has an exceptional financial profile, with solid/consistent revenue growth, 80% gross margins, adjusted EBITDA margins north of 40%, and a 65% free cash flow conversion, the firm adds.
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