Trade Desk price target lowered to $60 from $78 at Oppenheimer

Oppenheimer analyst Jason Helfstein lowered the firm’s price target on Trade Desk (TTD) to $60 from $78 and keeps an Outperform rating on the shares. While Helfstein said after the company’s Q3 report that Trade Desk is "clearly showing the power of driving demand" via DSP in a weak macro environment versus accepting demand via SSP, he is lowering his price target based on a decline in peer multiples.With Apple (AAPL) and Alphabet’s (GOOGL) privacy changes continuing to drive spend to the Trade Desk platform, valuation remains the "only real investor concern," Helfstein added.