UPDATE: The Trade Desk (TTD) PT Raised to $900 at Macquarie on Growing CTV Revenues
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Macquarie analyst Tim Nollen raised the price target on The Trade Desk (NASDAQ: TTD) to $900.00 (from $775.00) noting that the global CTV ad market grew 51% in 2020 to $20bn, taking share from global TV ad spend. This segment is believed to be ~25% of TTD's revenues, and is increasingly shifting to real-time bidding, while also growing outside the US – both feed demand for The Trade Desk’s services.
The analyst reiterated the Outperform rating, stating "We are bullish on TTD heading into Q4 and beyond thanks to the company’s strong position in the evolving ad tech ecosystem, underscored by an improving US ad market, especially in CTV, and a relatively easy comp in 2021. 2021 should see a rebound to 30% revenue growth (we model 35%) with modest H1 cost growth, but balanced by the Solimar platform investments".
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