Trade Desk price target lowered to $120 from $145 at Wedbush

Wedbush lowered the firm’s price target on Trade Desk (TTD) to $120 from $145 and keeps an Outperform rating on the shares. The firm notes Trade Desk reported disappointing results and guided Q1 below expectations. Total revenue and adjusted EBITDA in Q4 fell short of consensus by -2% and -4%, respectively, while management guided Q1 adjusted EBITDA 25% below the Street. Importantly, this was the first public quarter — excluding the onset of the pandemic — that the company has missed expectations, Wedbush adds.