The Trade Desk (TTD) PT Lowered to $225 at Needham & Company on Corona Driven Weakness

Needham & Company analyst Laura Martin lowered the price target on The Trade Desk (NASDAQ: TTD) to $225.00 (from $325.00) to update expectations for COVID-19 after channel checks and disclosures by FB, TWTR, CMCSA, and AAPL indicate the virus is having a substantial impact on results.

The analyst maintained a Buy rating, stating "TTD is paid an average of about 20% of advertising spent on its platform and we believe that up to 30% of US digital ad spending could be at risk at some point during FY20, depending on how long the negative COVID-19 impacts last. What we like most about TTD during COVID-19 includes: a) a strong balance sheet; b) cash balances; c) 30% EBITDA margins; d) a well-diversified client base of the largest global advertisers; e) industry leading DSP; and f) data-driven ROI ad metrics become more important as demand shrinks".

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