Trade Desk price target lowered to $112 from $142 at BTIG

BTIG lowered the firm’s price target on Trade Desk (TTD) to $112 from $142 and keeps a Buy rating on the shares. The firm had expressed an upbeat perspective around Trade Desk and its position within the advertising ecosystem heading into Q4, believing that it could successfully navigate any competitive headwinds as a result of Kokai-driven take-rate upside that would allow it to chase share while also insulating itself from any opposition-related pricing pressure. The quarter missed expectations however, and investors are “having a hard time” digesting Trade Desk’s explanation around missteps and execution, the analyst tells investors in a research note. BTIG adds that whether the problem is external or internal, Trade Desk growth is still slowing and its operating expenses are ramping, which is problematic.