Trade Desk price target lowered to $108 from $140 at Citi

Citi analyst Ygal Arounian lowered the firm’s price target on Trade Desk (TTD) to $108 from $140 and keeps a Buy rating on the shares. The company reported its first-ever guidance miss, with the Q4 results and guidance well below expectations, the analyst tells investors in a research note. The firm says that while investor sentiment was already getting more negative around a heightened competitive environment, the earnings print “will likely feed into that narrative.” However, management stated that the revenue impact was all internally driven due to a reorganization that effectively led to lower productivity, and therefore billings growth, Citi points out. It continues to see Trade Desk as competitively well positioned.