The Trade Desk (NASDAQ:TTD) stock is on the move Friday after the company’s shares got an upgrade from Morgan Stanley.
Analyst Matthew Cost is behind today’s news, as he upgraded shares of TTD stock from an “equal weight” rating to an “overweight” rating. For comparison, the analyst consensus rating for The Trade Desk shares is a “moderate buy” based on 19 opinions.
In addition to that upgrade, the Morgan Stanley analyst also increased his price target for TTD stock from $60 per share to $90 per share. That represents a potential 22.9% upside for the stock. It’s also well above the consensus price target of $72.78 per share for TTD.
Why the Bullish Upgrade for TTD Stock?
Here’s what Cost said in a note to clients obtained by CNBC:
“As the leading independent demand-side platform (DSP), TTD is well positioned to benefit from both trends, as advertisers 1) shift dollars from traditional linear TV to streaming, and 2) leverage retailers’ customer data to run more effective/measurable ad campaigns […] We believe TTD will be able leverage its position as an independent player to sign more retail media partners […] and ultimately be a leader in offsite retail media advertising.”
Investors are reacting well to the upgrade with shares of TTD stock climbing 5% on Friday morning. That comes as more than 2 million shares changed hands. This is quickly closing in on the company’s daily average trading volume of about 3.7 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
