Piper Sandler lowered the firm’s price target on Trade Desk (TTD) to $110 from $140 and keeps an Overweight rating on the shares. The firm notes the stock is down 25%-plus in the afterhours market, as the company missed Q4 revenue and EBITDA for the first time in over 30 quarters. In addition, Trade Desk provided March quarter guidance below expectations. Overall, Piper views the pull-back in the stock as an opportunity for valuation-sensitive investors, which continues to be one of the biggest pushbacks on the story.
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