Trade Desk upgraded to Buy from Neutral at BTIG

BTIG analyst Clark Lampen upgraded Trade Desk to Buy from Neutral with a $103 price target. The firm sees an improving fundamental setup that’s likely to translate to stronger results this year, and faster growth alongside margin improvement in the future, the analyst tells investors. When the firm launched coverage of Trade Desk earlier this year it had been concerned that consensus expectations for 2023 “could be too aggressive in a recovering and otherwise low-visibility ad market,” but since then its view of the fundamental setup has “flipped completely,” as checks have pointed to the programmatic market growing at a 20%-25% pace annually due to sustained shifts of advertising dollars toward lower funnel digital formats, the analyst says.