Trade Desk traded at $836.07, up 29.16%, on Friday. The stock has jumped 219% year to date.
The company reported revenue of $216.1 million for the third quarter, up 32% from $164.2 million in the year-ago quarter. Net income totaled $41.2 million, or 84 cents a share, up from $19.4 million, or 40 cents a share.
Susquehanna Financial Group analysts raised their price target to $925 from $600, maintaining a positive rating. Trade Desk “put up an enormous quarter,” they wrote in a commentary. “We’re still at the beginning of the [connected TV] revolution, and it’s not too late to jump aboard this CTV rocket ship.”
Needham analysts have a buy rating and a $750 share-price target for Trade Desk. The company offered “strong 3Q20 results, over-delivering its guidance, consensus and our estimates,” they said. Connected TV represents “TTD’s most powerful upside value driver,” the analysts said.
Jefferies analysts have a share-price target of $725 and a hold rating on the stock. Trade Desk’s fourth-quarter estimates “imply acceleration to 34%” growth, a pace that is “likely conservative,” the analysts said, according to Bloomberg.
The coronavirus pandemic “is driving ad spend to digital, programmatic, measurable, flexible, and brand safe,” they said. Trade Desk stands as the “best alternative” to Facebook (FB) - Get Report and Alphabet (GOOGL) - Get Report, the analysts said. It has a “rare combo of high growth and high margin,” they added.