The Trade Desk (TTD) PT Lowered to $20 at Cantor Fitzgerald Amid Macro Pressures

Cantor Fitzgerald analyst Deepak Mathivanan lowered the price target on The Trade Desk (NASDAQ: TTD) to $20.00 (from $22.00) while maintaining a Neutral rating.

The analyst commented, "TTD reported 1Q results with revenue and EBITDA 1% and 4% above prior street estimates (Visible Alpha). However, 2Q revenue guide for 8% y/y growth came in 4-pts below street. Additionally, 2Q EBITDA guide also came in below street, implying 430bps y/y margin compression. TTD, however, reiterated FY26E EBITDA outlook of "at least 40%", primarily from slower headcount growth in 2H. On the demand side, the ad market environment remains challenged for TTD in the NT as large retailers / CPG continue to face macro pressure. However, the company is making steady progress on new product initiatives, and the JBP pipeline remains healthy. Shares traded down 15% AMC (vs Nasdaq futures ~flat) on a softer 2Q outlook. We prefer to remain on the sidelines until the revenue trajectory becomes clearer."

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