Wells starts Trade Desk at overweight on positive industry trends

Wells Fargo analyst Alec Brondolo initiated coverage of Trade Desk (TTD) with an Overweight rating and $150 price target The firm sees “multiple factors benefiting” Trade Desk, including Amazon (AMZN) accelerating shift of advertising spend to connected TV, new partnerships ramping and Google distracted with regulatory woes. Wells is looking past the stock’s “lofty valuation” in light of positive industry trends and its above Street estimates. The firm believes introducing ads on Prime Video accelerated connected TV industry growth, benefiting Trade Desk, “contrary to initial buy side fears.”