Trade Desk price target raised to $120 from $105 at Oppenheimer

Oppenheimer raised the firm’s price target on Trade Desk to $120 from $105 and keeps an Outperform rating on the shares. The analyst says Trade Desk “remains one of the cleanest secular growth stories” in internet/media, with consumers shifting to connected TV and e-commerce, aided by the scaling of retail media and improving measurement via UID2. Meanwhile, leading agencies continue to increase 2024 advertising spending estimates, suggesting revenue upside for Trade Desk, the analyst tells investors in a research note. The firm believes the company can sustain 17% revenue growth annually though 2030.