Shares of The Trade Desk fell 4.7% on Monday after HSBC downgraded the stock to reduce with a $10 price target and Morgan Stanley lowered its price target from $26 to $13. The downgrades follow last week's second-quarter earnings report, which showed revenue growth slowing to just 3% and third-quarter guidance implying a revenue decline. HSBC cited weakening relationships with agency partners, competitive pressure, and struggles to capitalize on AI advertising. The stock is now down roughly 90% from its peak at the end of 2024.
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