William Blair analysts started The Trade Desk Inc . (NASDAQ:TTD) at Outperform in a note to clients Wednesday, stating the company provides a "differentiated offering."
The "technology forward platform" has a "substantial market opportunity, according to the analysts.
"As of June 2023, Magna Global estimated 2023 global ad spend to be roughly $840 billion, about $580 billion of which is spent in the broader internet categories (including search, display, social, online video, and other)," they explained.
In addition, they believe the company has robust bottom-line margins with double-digit top-line growth.
"We project total revenue will grow about 23% in fiscal 2023, to roughly $1.9 billion, and we forecast full year 2023 adjusted EBITDA margin will be about 40%. The company has previously cited a long-term adjusted EBITDA margin target of 40% but surpassed that target on a full-year basis in both 2021 and 2022," the analysts added.
TTD shares have jumped around 1% in Wednesday trading, climbing above the $82 mark.