Trade Desk initiated with a Sector Perform at Scotiabank

Scotiabank initiated coverage of Trade Desk (TTD) with a Sector Perform rating and $133 price target as the firm initiated coverage of sic companies in the advertising technology space. While the firm acknowledges The Trade Desk’s “strong” execution and market position, it believes the current valuation leaves little room for multiple expansion. The stock is “priced for perfection,” making it challenging to justify an Outperform rating despite the company’s “exceptional fundamentals,” the analyst tells investors.