2024-02-20 07:48:19 ET
Summary
- Impressed by The Trade Desk's strong Q1 guidance, I'm revising my sell rating to a hold.
- TTD's projected 28% CAGR for Q1 demonstrates resilience in navigating industry shifts like third-party cookie deprecation.
- TTD's financial outlook and its 28x 2025 non-GAAP EBITDA valuation keep me cautiously on the sidelines.
Investment Thesis
The Trade Desk ( TTD ) delivered Q1 guidance that amazed me. As we headed into the earnings result, I believed that The Trade Desk was completely overpriced for what it offered....
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The Trade Desk Earnings: No Pushover (Rating Upgrade)