Trade Desk price target lowered to $120 from $140 at RBC Capital

RBC Capital lowered the firm’s price target on Trade Desk (TTD) to $120 from $140 but keeps an Outperform rating on the shares. The company delivered its first revenue miss in 33 quarters as a public company, noting a series of small execution missteps that contributed to the shortfall to expectations, though the management feels the results in the quarter were within its control and do not represent a change in the market or competition, having now taken corrective actions, the analyst tells investors in a research note. RBC adds it remains positive on Trade Desk’s positioning to capitalize on secular drivers.