Needham & Company Reiterates Buy on The Trade Desk, Inc. (TTD) Following 3Q Report
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Needham & Company reiterated a Buy rating and $32.00 price target on The Trade Desk, Inc. (NASDAQ: TTD) following the company's 3Q earnings report. The company reported revenue of $53.0M, above the consensus of $49.1M. The company reported strong profitability with Q3 adjusted EBITDA of $16.6M, a 31.3% EBITDA margin, and exceeded consensus of $12.8M.
Analyst Kerry Rice commented, "The Trade Desk reported strong 3Q16 upside. We believe TTD offers a compelling platform that enables media buyers to manage, execute, optimize, and evaluate their digital advertising campaigns across channels and formats. The company's close alignment with its clients' interests, exclusive buyside focus, and client support enabled revenue to grow 84% y/y and retain 95% of its clients. Additionally, we believe the strong 81% YTD growth in its 2016 cohort and 247% YTD growth from its 2015 cohort signals strong revenue growth for 2017. While TTD should continue benefiting from the secular growth of programmatic advertising, we expect mobile, video, native, digital audio, programmatic TV, and international expansion to be the key long-term growth drivers. Finally, we view TTD's highly profitable model as differentiated in adtech."
Shares of The Trade Desk closed at $23.43 yesterday.
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