Trade Desk Shares Rally After Another Analyst Raises Forecast

Trade Desk Inc TTD shares rose in early trading on Friday, continuing an upward trajectory from the previous session, after RBC Capital Markets analysts raised the price target from $77 to $85.

The Trade Desk Analyst: Morgan Stanley’s Matthew Cost upgraded the rating for Trade Desk from Equal-Weight to Overweight, while raising the price target from $60 to $90.

The Trade Desk Thesis: CTV and Retail Media are among the strongest growth segments in the online advertisement space. The company appears well positioned to gain share, Cost said in the upgrade note.

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The U.S. CTV market could grow at a CAGR (compounded annual growth rate) of around 18% between 2022 and 2025. The global retail media market, ex-China, is projected to grow at a CAGR of around 17%, the analyst stated.

“As the leading independent demand-side platform (DSP), TTD is well positioned to benefit from both trends,” he added.

There is further potential upside from “the innovation pipeline and AI,” Cost further wrote.

TTD Price Action: Shares of Trade Desk had climbed 6.88% to $78.30 at the time of publishing Friday.

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