Trade Desk price target lowered to $72 from $101 at Wells Fargo

Wells Fargo lowered the firm’s price target on Trade Desk (TTD) to $72 from $101 and keeps an Overweight rating on the shares. The firm says that checks indicate stable Q1 trends, but worsening auto spend late in the quarter could weigh on Q2 outlook. Multiple convos on Kokai suggest issues with product and agency relationships fixable, if Trade Desk is willing to make concessions, Wells adds.