The Trade Desk (TTD) PT Raised to 'Street High' $600 at Susquehanna; 'CTV Inflecting'

Susquehanna analyst Shyam Patil raised the price target on The Trade Desk (NASDAQ: TTD) to $600.00 (from $340.00) while maintaining a Positive rating.

The analyst commented, "CTV, and TTD is poised to benefit as the leading DSP in the market. We see this as a multi-year opportunity and view TTD as the way to play this next leg of growth in digital advertising.

2Q solid with improving trends throughout. 2Q net revenue was better than expected (down 13% y/y), coming in 8% above our estimate and 3% above consensus, driven by continued execution on the core growth drivers. TTD noted that advertisers began picking up spend in early May, and trends continued to improve throughout the month, with nearly every vertical demonstrating significant growth. Revenue growth turned positive in mid-June. EBITDA was $15m, above our estimate but $2.7m below consensus, as TTD continued to invest in long-term growth opportunities despite the pandemic impacting 2Q revenue. EPS of $0.92 was well above our estimate and consensus, driven by one-time tax benefits."

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