Citi cuts The Trade Desk to Sell, sets $11 target with 27% downside
AI Market Summary
Citi downgraded The Trade Desk to "Sell" with an $11 target after a weak Q2 and sharply below-consensus Q3 adjusted EBITDA guidance ($160M vs ~$339.6M). Management cited execution shortcomings and macro-driven caution in brand spending, alongside a structural shift from open-web programmatic auctions toward cheaper fixed-price deals, pressuring TTD's core DSP model. The note increases perceived operational and competitive risk, weighing on near-term sentiment.
Impact level
● Medium
Affected assets
NCSKTTD2USD/USDT-0.83%
AI Insight · NCSKTTD2USD/USDTAI Insight
▼ Bearish
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Citi downgraded The Trade Desk to “Sell” and set an $11 price target, implying 27% downside. The call follows what the firm described as a weak Q2 and guidance that fell short of expectations, including adjusted EBITDA guidance of $160 million versus analysts’ $339.6 million. CEO Jeff Green said internal execution missed company standards, citing macroeconomic pressure and cautious brand spending. Shares fell sharply on the day and are down nearly 65% year to date.
