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Trade Desk Surges on Strong Results and Outlook, Analyst Praises ‘Exceptional’ Execution

2022.08.10 14:57

Trade Desk Surges on Strong Results and Outlook, Analyst Praises 'Exceptional' Execution
Trade Desk Surges on Strong Results and Outlook, Analyst Praises ‘Exceptional’ Execution

By Senad Karaahmetovic

Shares of The Trade Desk (NASDAQ:TTD) are up more than 17% in premarket trading after the advertising technology company delivered very strong second-quarter results.

The Trade Desk reported an in-line Q2 EPS of $0.20 while revenue for the quarter came in at $377 million, better than the consensus estimate of $364.87 million.

For this quarter, the company is seeking an adjusted EBITDA of $140 million on revenue of $385 million, better than the Bloomberg consensus of an adjusted EBITDA of $382.1 million on revenue of $134.2 million.

A Truist Securities analyst heaped praise on TTD after the company delivered “strong” results in a tough macroeconomic environment.

“We’re incrementally positive on TTD as the company’s execution in 2Q22 remained exceptional, with a beat and raise amidst a challenging macro, implying market share gains… TTD remains one of our favorite SMIDs, with one of the fastest growing top lines in the online ad space, producing ~40% EBITDA margin and healthy FCF,” the analyst told clients.

A KeyBanc analyst raised the price target to $70 from $52 as the company continues to deliver “best-in-class margins.”

“The Trade Desk’s results showed no meaningful macro slowdown and arguably inflections with respect to long-term relationships. We raise our 2022E, 2023E, and 2024E revenue by 2%, 7%, and 6%, respectively, and EBITDA by 6%, 8%, and 5%, respectively,” the analyst wrote.

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