The Trade Desk (TTD) PT Lowered to $25 at Wells Fargo

Wells Fargo analyst Alec Brondolo lowered the price target on The Trade Desk (NASDAQ: TTD) to $25.00 (from $42.00) while maintaining a Equal Weight rating.

The analyst comments "Audience Unlimited represents TTDs more meaningful 2026 product catalyst; unclear whether it will be enough to overcome weakening industry trends. On 4Q EPS mgmt noted that Audience Unlimited would roll out in 2026. Historically, TTD sold data a-la- carte; Audience Unlimited is an all-in subscription pricing based data product. The idea that easier-to-understand pricing could drive higher data attach & in turn higher ROAS resonates w/ us, but unclear if it's enough to overcome a tough end market. Estimate revisions, price target, and valuation. Reducing FY26 / FY27 revenue by 1% / 5%, primarily on lower gross spend expectations, partially offset by take-rate. As a function of lower revenue, we reduce our FY27 EBITDA by 6%. We maintain our Equal Weight rating and reduce our price target to $25 ($42 prior) based on 7x (12x prior) our 2027E EBITDA estimate of $1.5B ($1.6B prior)."

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