Trade Desk initiated with a Neutral rating, $43 target at New Street

As previously reported, New Street analyst Dan Salmon initiated coverage of Trade Desk with a Neutral rating and $43 price target. While positive on its long-term opportunity to win more spending and greater share of the ad technology addressable market, he doesn’t think the current valuation properly accounts for risks to Trade Desk’s identity strategy and potential take rate headwinds, Salmon tells investors.