Trade Desk upgraded to Neutral from Sell at New Street

New Street upgraded Trade Desk to Neutral from Sell. The shares have “de-risked” due to cautious commentary on brand advertising spending by Snap, Meta and Amazon as well as macro concerns and spending pauses owing to the conflict in the Middle East, the analyst tells investors in a research note. The firm expects most of those pauses will have resumed, and largely be spent during the “seasonally strong” holiday season. With Trade Desk’s valuation having eased, New Street no longer see the shares as “priced for perfection.”