BofA double downgraded Trade Desk (TTD) to Underperform from Buy with a price target of $55, down from $130. The company’s Q3 outlook that implies a deceleration in underlying growth makes it harder to dismiss concerns about competitive pressures and execution, says the analyst. While the firm still believes Trade Desk can be a double-digit topline grower, it is challenging to justify the premium multiple it has historically received, especially against the backdrop of robust advertising growth and absolute dollars being reported by many of “the largest walled gardens,” the analyst added.
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