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Fly News Breaks for February 28, 2020
Feb 28, 2020 | 09:37 EDT
Wells Fargo analyst Brian Fitzgerald earlier today upgraded Trade Desk to Overweight from Equal Weight with an unchanged price target of $310. The shares are down 17% over the past four trading days, which creates a more attractive risk/reward profile, Fitzgerald tells investors in a research note. Further, while Trade Desk's initial 2020 revenue guide of $863M was slightly below forecasts, a "strong" 2020 gross spend guide of $4.24B suggests an inflection point in client spending trends, which increases conviction in the company's long-term opportunity, contends the analyst.
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