Trade Desk downgraded to In Line from Outperform at Evercore ISI

Evercore ISI downgraded Trade Desk (TTD) to In Line from Outperform with a price target of $90, down from $135. The firm “materially” reduced estimates following the company’s “miss and lower” Q4 earnings results. This was the first time in 33 quarters that Trade Desk had missed its guidance, the analyst tells investors in a research note. Evercore expects a “fundamental correction” for the shares. Trade Desk’s revenue growth has gone from premium to sub-premium for likely several fundamental reasons, “and this has major valuation implications,” contends the firm. It believes the shares will lose their “super-premium multiple.” Trade Desk will be a “trading-range bound stock at best for the foreseeable future,” according to Evercore ISI.