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Investing.com - Citizens JMP maintained its Market Outperform rating and $100 price target on The Trade Desk (NASDAQ:TTD) Monday, citing the company’s continued market share gains in programmatic advertising.
The Trade Desk shares last closed at $68.87, trading at 24.1 times Citizens JMP’s estimated 2026 EBITDA. The unchanged $100 price target represents a potential 45% upside from current levels and is based on approximately 35 times the firm’s 2026 estimated EBITDA of $1.4 billion, reflecting a 41.9% margin.
Citizens JMP acknowledged The Trade Desk’s premium valuation but stated it "is warranted given its share gains of open internet programmatic ad spend with high exposure to the fastest growing channels, including CTV, retail media, and digital audio."
The firm highlighted The Trade Desk’s competitive position against Google (NASDAQ:GOOGL), noting that "share gains from Google can continue as it deprioritizes its AdTech business."
The Trade Desk has established itself as a leading independent demand-side platform in the digital advertising ecosystem, with particular strength in connected TV and other emerging digital advertising channels.
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