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.”
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TTD:
- Trade Desk initiated with an Overweight at Wells Fargo
- What Wall Street is saying about Alphabet ahead of earnings
- Magnite renewal should ‘begin to unwind confusion,’ says Craig-Hallum
- Spotify launching ad exchange with Trade Desk as partner, Axios says
- Spotify, Trade Desk move higher after Axios report of ad exchange