Trade Desk price target lowered to $115 from $150 at JMP Securities

JMP Securities lowered the firm’s price target on Trade Desk (TTD) to $115 from $150 and keeps an Outperform rating on the shares. Trade Desk’s Q4 revenue was 2% below guidance and EBITDA was $13M below guidance, while the guidance for Q1 revenue was 1% below consensus and EBITDA was $47M below consensus, marking the first quarter in the company’s public history it missed its internal expectations, the analyst tells investors in a research note. Trade Desk was clear there was no change in its market opportunity or the competitive environment, and JMP continues to believe it is making the necessary product and go-to-market investments to continue to aggregate programmatic spend onto its platform.