The Trade Desk (TTD) PT Lowered to $20 at BofA Securities

BofA Securities analyst Jessica Reif Ehrlich lowered the price target on The Trade Desk (NASDAQ: TTD) to $20.00 (from $40.00) while maintaining a Underperform rating.

The analyst comments "TTD posted 4Q results that were above our forecasts for both revenue and adjusted EBITDA. Revenue increased 14% Y/Y to $847mn (vs. $841mn est.), while adjusted EBITDA came in at $400mn, ahead of our $376mn forecast. Adjusted EBITDA margin was 47%, above our 45% estimate. For 1Q, the company guided to $678mn of revenue, implying ~10% year-over-year growth and below our prior $688mn estimate. Adjusted EBITDA guidance of $195mn (approximately a 29% implied margin) was well below our pre-4Q estimate of $230mn. TTD repurchased $423mn of stock during 4Q and announced an additional $350mn authorization. Combined with roughly $150mn remaining on the prior program, total repurchase capacity now stands at $500mn."

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