Trade Desk price target raised to $115 from $100 at Macquarie

Macquarie raised the firm’s price target on Trade Desk (TTD) to $115 from $100 and keeps an Outperform rating on the shares. The firm expects a solid Q2 report and thinks the next leg of growth in CTV can help Trade Desk sustain a 25% growth rate. Further, Macquarie estimates the Netflix (NFLX) partnership could add incremental revenue of 2%-6% starting in 2025. Further positive reads include a likely strong second half of the year with help from Olympic advertising on Peacock (CMCSA) and U.S. election spending, market share gains from Google (GOOGL) evident in Google Network’s ongoing negative growth, and likely increasing demand for Trade Desk’s 1st party data-based targeting amid Google’s confusing twists and turns on Chrome cookie deprecation, the firm adds.