The Trade Desk (TTD) PT Lowered to $122 at Stifel
Stifel analyst Mark Kelley lowered the price target on The Trade Desk (NASDAQ: TTD) to $122.00 (from $144.00) while maintaining a Buy rating.
He said, "TTD missed for the first time as a public company (excluding 1Q20), and guided below the Street for 1Q. The 4Q softness was attributed to a December reorg (which the company typically does at the end of every year) that was more substantial than years past, paired with a slower rollout of Kokai (latest version of the product). It's our understanding that the reorg is complete, and Kokai is expected to be in the hands of all clients by EOY. From our perspective, a miss at some point was inevitable, and this hiccup does not change our thesis that TTD is best positioned in CTV, which we expect to significantly accelerate in '26 (possibly EOY '25), with more inventory shifting towards programmatic (25% today, with only ~6% RTB) and away from direct deals, which is where TTD excels. We'd be buying on the weakness reflected in after-hours trading; our TP goes to $122."