Wells Fargo downgraded Trade Desk (TTD) to Equal Weight from Overweight with a price target of $68, down from $74. The impact of competition from Amazon (AMZN) is increasingly likely in 2026, the analyst tells investors in a research note. The firm’s Trade Desk channel checks have begun to indicate a greater willingness by customers to test Amazon’s demand side platform on non-Amazon inventory subsequent to the company’s partnerships with Disney (DIS) and Roku (ROKU). Wells believes Trade Desk’s 2025 estimates are still achievable but it lowered numbers for 2026 and 2027.
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