Citi keeps a Buy rating on Trade Desk (TTD) with a $112 price target after Netflix (NFLX) said it will open its programmatic advertising inventory to the company. The move can add up to $500M of incremental billings for Trade Desk in 2025, the analyst tells investors in a research note. However, Citi notes the programmatic inventory won’t be exclusive to Trade Desk as Netflix will also partner with Google DV360 and Magnite, and will keep Microsoft on as a partner. With Netflix’s premier positioning in connected TV, the firm’s view is this is positive for Trade Desk.
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