Will The Trade Desk Stock Fly or Fall In 2023?
2022 has been a nightmare for The Trade Desk (NASDAQ: TTD) investors. The company's hot streak on the stock market came to a screeching halt thanks to the broader stock market sell-off as well as concerns that the advertising platform provider may not be able to sustain its impressive growth. All in all, The Trade Desk saw a big 49% drop in its share price this year.
Investment firm Jefferies recently downgraded The Trade Desk stock from buy to hold and also slashed the price target to $55 from $65. Jefferies analyst James Heaney argued that the stock's rich valuation and a potential slowdown in the digital advertising market could weigh on the company. Among all analysts, The Trade Desk stock carries a median price target of $60, which represents a 30% upside from current levels. The high price target among the analysts of $90 would translate into a 95% upside.
What investors need to know to push the stock price higher is whether The Trade Desk's business can sustain its solid growth momentum in 2023 and continue heading higher. Or will macroeconomic headwinds catch up with the company and lead to another year of pain for investors? Let's explore its 2023 prospects.
Source Fool.com
