Trade Desk initiated with an Outperform at Wolfe Research

Wolfe Research analyst Shweta Khajuria initiated coverage of Trade Desk with an Outperform rating and $115 price target as part of a broader sector note launching coverage of Global Internet names. The company has an attractive business model that’s scalable, and has shown very healthy topline growth and high margins while also maintaining a leadership position in the breadth and depth of product suite, product innovation, and execution, the analyst tells investors in a research note. Wolfe adds that Trade Desk continues to gain share with very robust topline growth and margin profile, driven by new product catalysts, secular tailwinds in connected TV and retail media, geographic expansion, and industry evolution around privacy and security.