TWTR - KeyBanc raises estimates targets across Internet advertising expecting solid year

KeyBanc has raised estimates and price target for companies exposed to Internet advertising, pointing to tailwinds for the sector that should keep up a strong ending to the fourth quarter well into 2021. Checks indicate a "robust" Q4 for digital advertisers, KeyBanc's Justin Patterson writes, and that's led to positive revisions indicating a healthy environment in the coming year. The biggest revisions (and biggest variance from consensus) come for Pinterest (PINS), Snap (SNAP) and The Trade Desk (TTD -1.9%), he says: KeyBanc's Pinterest revenue estimate is up by 8% to $2.4B, and its Snap revenue estimate rose 12% to $3.6B. And while it made a more modest hike to The Trade Desk (up 1%), it's 3% above consensus, pointing to connected TV strength. Snap and The Trade Desk are among the companies it notes are most exposed to emerging formats, along with Spotify (SPOT +0.2%) and PubMatic (PUBM +5.9%). Aside

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KeyBanc raises estimates, targets across Internet advertising, expecting solid year