By Sam Boughedda
Piper Sandler started The Trade Desk (NASDAQ:TTD) with an Overweight rating and a $60 price target in a note to clients on Tuesday.
Analysts described Trade Desk as a leading, independent demand side platform, with management aligning the company "with the buyer's interest, creating trust and long-term relationships."
"The company is strategically positioned to benefit from the demand for data-driven solutions and the rise of connected TV (CTV), leading to market share gains. Despite the "advertising VIX" being at all-time highs, the company has continued to execute and outperform the broader digital advertising landscape," they wrote.
The analysts also described the company as a "bright spot in digital advertising," with the firm expecting Trade Desk to grow over 30% this year.
"While the macro could prove to be choppy in the near term, we expect Trade Desk to continue to outperform regardless of macro-cycle. We recommend investors own Trade Desk for exposure to the multi-year connected TV ramp but also as a unique asset in the broader digital advertising market," they concluded.
At the time of writing, TTD shares have rallied more than 5.5%.