Trade Desk upgraded to Hold at Benchmark following pullback

As previously reported, Benchmark upgraded Trade Desk (TTD) to Hold from Sell and removed the firm’s previous price target Aside from ongoing macro and geopolitical risks pressing market multiples down further, the firm expects Trade Desk’s share price in the next twelve months to be dictated by the pace of its mean reversion to U.S. digital ad industry growth, says the analyst, who adds that despite the stock’s premium growth having steadily fallen, its current FY25 implied multiple is “pointed in the wrong direction.”