Trade Desk initiated with an Overweight at Piper Sandler

Piper Sandler analyst Matt Farrell initiated coverage of Trade Desk with an Overweight rating and $60 price target. Trade Desk is a leading, independent demand side platform that allows media buyers to bid on programmatic ad impressions in digital settings, Farrell tells investors in a research note. The analyst believes the company is strategically positioned to benefit from the demand for data-driven solutions and the rise of connected TV. While the macro environment "could prove to be choppy" in the near term, Trade Desk should continue to outperform regardless of macro-cycle, says Farrell, who recommends investors own the shares for exposure to the "multi-year connected TV ramp but also as a unique asset in the broader digital advertising market."