Oppenheimer analyst Brian Schwartz initiated coverage with a Buy rating on Trade Desk Inc (NASDAQ: TTD) today and set a price target of $66. The company’s shares opened today at $51.25.
Schwartz noted:
“We launch coverage of TTD at $66 price target. The Trade Desk has a strong SaaS platform supported by high agency satisfaction for its capabilities, data- sciences and independence. We are confident in TTD’s multi-year growth potential as the company stands in front of a very large established market that’s on the cusp of converging with the large customer relationship market. The convergence should spotlight TTD as a unique SaaS asset and catalyze a higher valuation. Additionally, if management embarked on a strategy to increase revenue predictability through fixed fees with agencies it would likely increase valuation. Last, the pedigree and industry experience of its CEO and leadership could push the company to the top echelon of pure-play platforms in digital advertising.”
According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 27.3% and a 80.1% success rate. Schwartz covers the Technology sector, focusing on stocks such as Ultimate Software, Instructure Inc, and Salesforce.com.
Currently, the analyst consensus on Trade Desk Inc is Strong Buy and the average price target is $65.86, representing a 28.5% upside.
In a report issued on May 4, Wells Fargo also maintained a Buy rating on the stock with a $62 price target.
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Trade Desk Inc’s market cap is currently $2.12B and has a P/E ratio of 44.30. The company has a Price to Book ratio of 8.64.
Based on the recent corporate insider activity of 55 insiders, corporate insider sentiment is negative on the stock.
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The Trade Desk, Inc. provides a technology platform for ad buyers. It offers agencies, aggregators and advertisers technology to manage and display, social, mobile and video advertising campaigns. The company was founded by Jeffrey Terry Green and David Pickles in November 2009 and is headquartered in Ventura, CA.
