Susquehanna Remains Positive on The Trade Desk, Inc. (TTD) Following 3Q Beat

November 11, 2016 7:25 AM EST
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Price: $29.01 +0.07%

Rating Summary:
    6 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Susquehanna reiterated a Positive rating and $40.00 price target on The Trade Desk, Inc. (NASDAQ: TTD) following the company's 3Q earnings report. Net revenue grew 84% y/y, coming in at $53m, 8% above consensus of $49m. EBITDA was $16.6m, 29% above consensus of $12.9m. 4Q revenue is expected to be $62m, 2% ahead of consensus.

Analyst ShyamPatil commented, "3Q growth 4x’d display market growth and 2x’d programmatic, highlighting the strong momentum in the business, as The Trade Desk continues to capitalize on the rapid global uptake of programmatic advertising across display, mobile, video, and audio. We believe estimates are conservative, and upside seems likely as TTD should continue to outpace overall RTB market growth. Our estimates conservatively assume that TTD only grows slightly above market rates (1.3x in 2017 and 1.2x in 2018), after growing 4x the market in 2015 and currently on track to grow >2x in 2016. With positive estimate revisions and continued demonstration of TTD’s market-leading offering, we see valuation upside in the $40-$55 range over the next 12-18 months."

For an analyst ratings summary and ratings history on The Trade Desk click here. For more ratings news on The Trade Desk click here.

Shares of The Trade Desk closed at $23.43 yesterday.

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