Trade Desk price target raised to $115 from $110 at Wedbush

Wedbush analyst Scott Devitt raised the firm’s price target on Trade Desk to $115 from $110 and keeps an Outperform rating on the shares. Estimates for total U.S. political spending growth are in the mid-teens range versus the 2020 election cycle, and the firm expects CTV political spending will increase at a significantly faster pace and assume base case CTV political growth of +40% versus 2020, the analyst tells investors in a research note. The firm’s findings suggest over $50M of 2H24 political revenue for Trade Desk, the analyst says.