KeyBanc analyst Justin Patterson lowered the firm’s price target on Trade Desk (TTD) to $55 from $56 and keeps an Overweight rating on the shares. The firm has lowered estimates at both Trade Desk and Alphabet (GOOGL) due to macro factors and is cautious on making a significant second half recovery its base case, but it expects large-cap ad stocks may fare well through Q1 earnings as "investors aim to ‘Buy the last cut’." However, KeyBanc advises a more cautious stance and suggests revisiting these stocks in the spring when both ad budgets and micro-level drivers should be clearer.
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Published first on TheFly
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