Is The Trade Desk Stock Going to $105? 1 Wall Street Analyst Thinks So
Next-generation digital advertising platform developer The Trade Desk (NASDAQ: TTD) is an out-of-favor stock that should be getting more investor love. That's according to one pundit following the stock, who feels its price has 14% upside potential after being punished by the market.
Near the end of July, analyst Justin Patterson of KeyBanc made an incremental lift to his price target on The Trade Desk. While maintaining his overweight (buy) recommendation on the ad tech company's shares, Patterson added $5 to his target for a new level of $105 per share.
Some might consider that to be a counterintuitive move, as investor sentiment on the digital ad space isn't particularly bullish these days. Alphabet's (NASDAQ: GOOG)(NASDAQ: GOOGL) recently released second-quarter results revealed that revenue growth at its bellwether online video portal YouTube was notably lower than in the first quarter -- and came in under analyst expectations to boot -- with a relatively weak 13% rise.
Source Fool.com