Needham analyst Laura Martin initiated Trade Desk (TTD) with a Hold rating, citing the company's competitive position relative to "Walled Gardens" advertising ecosystem, strong client relationships, and an "outstanding execution track record of strong fundamental growth." The analyst also notes that she is concerned the possibility of an "economic or ad recession", higher working capital demands, and competition. Martin adds that when valued next to other companies driven by the shift toward over-the-top media content like Netflix (NFLX) and Roku (ROKU), Trade Desk shares trade at a premium.