Trade Desk upgraded to Outperform from In Line at Evercore ISI

Evercore ISI analyst Mark Mahaney upgraded Trade Desk (TTD) to Outperform from In Line with an unchanged price target of $90. Recent channel checks have indicated that online advertising demand sentiment has “clearly improved” since May, though second half of 2025 uncertainty remains significant, the analyst tells investors in a research note. Evercore’s checks also suggest a “clear improvement” in Trade Desk execution. The firm’s views the “recent strong slate” of product announcements as addressing “some key pain points” in the Kokai transition. While the checks indicate Amazon (AMZN) is increasing competitive intensity, Google’s (GOOG, GOOGL) DV360 is more likely to see impact given overlap with Amazon power alleys, contends the firm. It believes Trade Desk’s set-up for the remainder of fiscal 2025 seems “quite achievable.” With the stock still down 40% year-to-date, Evercore sees an “attractive opportunity to get involved again.”