Trade Desk

TTD · NASDAQ

$12.65+$0.39 (+3.18%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $12.26

TTD analyst rating

HoldConsensus of 34 analysts over the last 12 months. 18% rate it a buy.

Strong buy0
Buy6
Hold23
Underperform3
Sell2

12-month price target · 34 analysts

Average $14.47 (+14.4% upside)

Low: $6.06
Now: $12.65
High: $36.75

Upgrades and downgrades

The latest rating actions, newest first

TTD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Oct 14, 2026	Maintains	Buy	$16.00 → $15.00	59%
Guggenheim	Sep 18, 2026	Maintains	Neutral	$12.00 → $13.00	54%
RBC Capital	Sep 9, 2026	Maintains	Sector Perform	$15.00	32%
DA Davidson	Aug 10, 2026	Downgrade	Buy → Neutral	$29.00 → $16.00	40%
HSBC	Aug 10, 2026	Downgrade	Hold → Reduce	$10.00	62%
Scotiabank	Aug 7, 2026	Maintains	Sector Perform	$20.00 → $12.00	55%
UBS	Aug 7, 2026	Maintains	Buy	$28.00 → $16.00	59%
Citigroup	Aug 7, 2026	Downgrade	Neutral → Sell	$21.00 → $11.00	56%
Benchmark	Aug 7, 2026	Maintains	Buy	$30.00 → $20.00	44%
Guggenheim	Aug 7, 2026	Downgrade	Buy → Neutral	$25.00 → $12.00	25%

The case for and against

Updated Oct 14, 2026

Bull case

Trade Desk is supported by durable demand for programmatic advertising, with CTV and audio growing double-digits in 2Q and video still representing a low-50s percentage of business, while international revenue at 17% and over 50% CTV growth in EMEA and APAC suggest room for expansion. Its outlook is also strengthened by improving relationships, including the Publicis resolution, and by the ability to gain share in emerging spend categories, deepen advertiser relationships, and broaden value-added services through Kokai and the mid-market. On the financial side, the 15% workforce reduction should reduce roughly 600 employees and drive about $150M of cost savings into CY/27E, lifting adj-EBITDA estimates to $651M from $501M and supporting margin expansion even as principal-based media buying remains a headwind.

Bear case

Trade Desk is facing a weakening fundamental picture as revenue growth slowed from +27% in 3Q24 to +3% in 2Q26, with 3Q guidance of $650 million implying a 12.1% year-over-year decline and a full-year revenue decline of 6.2%. Its transactional, percentage-of-ad-spend model is highly exposed to advertiser budget cuts, especially among CPG clients, while competition, agency disintermediation, CTV “walling off” inventory, and pricing pressure threaten both market share and take rate. Leadership instability, including three CFOs since January and the CRO’s departure after seven months, further weakens execution confidence as adj.-EBITDA is expected to fall to about $160 million in 3Q.

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