HSBC upgraded Trade Desk to Hold from Reduce, citing an improving near-term outlook after the advertising technology company's dispute with Publicis was resolved, easing Middle East tensions and expectations of record U.S. political advertising spending ahead of the midterm elections. Analyst Mohammed Khallouf maintained his $20 price target, saying the improving backdrop is offset by intensifying competition across the ad-tech industry. He highlighted Walmart's new demand-side platform, partnerships with Yahoo DSP and Google's DV360 after ending its exclusive relationship with Trade Desk, saying retail media increasingly shifting away from the single-partner model erodes Trade Desk's advantage in proprietary third-party data and could add pressure on pricing and take rates. Khallouf values Trade Desk at six times the estimated 2027 EV/EBITDA, compared with a peer median of 12 times, reflecting his expectation of roughly 7% EBITDA growth over 2025-2027 versus the peer median of 34%.
Trade Desk IncHSBC upgraded to Hold, but price target unchanged at $20, citing improving outlook offset by intensifying competition.
Publicis Groupe SA
Viant Technology Inc
Alphabet Inc Class C
HSBC Holdings PLC
Walmart Inc.