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Fly News Breaks for June 12, 2019
TTD
Jun 12, 2019 | 05:16 EDT
Nomura Instinet analyst Mark Kelley downgraded Trade Desk to Reduce from Neutral with an unchanged price target of $144. The company's underlying business fundamentals, "while relatively solid, are out of sync with near- to medium-term investor expectations and the story being told," Kelley tells investors in a research note. He believes Trade Desk "isn't outpacing the industry as much as investors think" and that its total addressable market is not $1 trillion. The company's revenue potential is $12B, roughly in line with its $11B market cap, says Kelley.
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