Trade Desk price target raised to $107 from $88 at BMO Capital

BMO Capital analyst Brian Pitz raised the firm’s price target on Trade Desk to $107 from $88 and keeps an Outperform rating on the shares after its Q4 results and above-consensus guidance. The company looks “best positioned” against two digital ad sector mega-trends in 2024 – third-party ad cookie deprecation in Google Chrome and capturing a surge of ad dollars related to the U.S. presidential election, the analyst tells investors in a research note. BMO adds that it is positive on Trade Desk as a “differentiated, agency-centric ad platform, independent of the ‘walled gardens’ like Google and Meta” and a top market position serving ads across the open Internet.