Trade Desk price target lowered to $53 from $68 at Wells Fargo

Wells Fargo analyst Alec Brondolo lowered the firm’s price target on Trade Desk (TTD) to $53 from $68 and keeps an Equal Weight rating on the shares. The firm believes gross spend trends improved through Q3, raising second half of 2025 estimates as a result. Wells also notes product cadence accelerating, starting to see management respond to Amazon (AMZN) DSP competition with Audience Anywhere and OpenAds releases. The firm says these are encouraging signs, but still early innings.