Oppenheimer lowered the firm’s price target on Trade Desk (TTD) to $115 from $135 but keeps an Outperform rating on the shares after its Q4 results and below-consensus Q1 revenue. The company missed revenue for the first time in the past 33 quarters on slower adoption of next-gen platform Kokai, with the miss attributed to lack of oversight/decision-making as Trade Desk has grown to about 4K employees with an increasingly complicated go-to-market strategy, he analyst tells investors in a research note. Oppenheimer adds however that the stock’s investment story remains intact, anticipating the increased headcount and management additions to help get the Kokai adoption on track.
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