Trade Desk Surges on Strong Results and Outlook, Analyst Praises 'Exceptional' Execution
- Dow Futures Tick Higher After Indices Extend Rout
- Oil Creeps Higher as Markets Weigh Hurricane-led Supply Disruptions
- Wall Street ends lower, Dow confirms bear market
- S&P 500 Will See 3000-3400 Later This Year, Morgan Stanley's Wilson Warns Again
- Add Equity Exposure As Double Bottom Attempt is Underway - Canaccord Genuity
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Shares of The Trade Desk (NASDAQ: TTD) are up more than 17% in premarket trading after the advertising technology company delivered very strong second-quarter results.
The Trade Desk reported an in-line Q2 EPS of $0.20 while revenue for the quarter came in at $377 million, better than the consensus estimate of $364.87 million.
For this quarter, the company is seeking an adjusted Ebitda of $140 million on revenue of $385 million, better than the Bloomberg consensus of an adjusted Ebitda of $382.1 million on revenue of $134.2 million.
Truist Securities analyst Youssef Squali heaped praise on TTD after the company delivered “strong” results in a tough macroeconomic environment.
“We're incrementally positive on TTD as the company's execution in 2Q22 remained exceptional, with a beat and raise amidst a challenging macro, implying market share gains… TTD remains one of our favorite SMIDs, with one of the fastest growing top lines in the online ad space, producing ~40% EBITDA margin and healthy FCF,” Squali told clients.
KeyBanc analyst Justin Patterson raised the price target to $70 from $52 as the company continues to deliver “best-in-class margins.”
“The Trade Desk's results showed no meaningful macro slowdown and arguably inflections with respect to long-term relationships. We raise our 2022E, 2023E, and 2024E revenue by 2%, 7%, and 6%, respectively, and EBITDA by 6%, 8%, and 5%, respectively,” Patterson wrote.
By Senad Karaahmetovic
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BTIG's Krinsky Sees 'Some Evidence of Capitulation' as S&P 500 Nears 200-WMA Below 3600
- Canaccord Sees One Clear Positive Catalyst for PayPal (PYPL)
- T-Mobile (TMUS) 'Continues to Execute Well' - BofA
Create E-mail Alert Related CategoriesAnalyst Comments, Earnings, Guidance, Hot Earnings, Hot List
Related EntitiesKeyBanc, Senad Karaahmetovic
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!