Needham Maintains Buy on The Trade Desk (TTD) Despite Recent Stock Drop

The Trade Desk, Inc. (NASDAQ:TTD) is one of the best growth stocks to buy according to analysts. On August 7, Needham analyst Laura Martin maintained her Buy rating on The Trade Desk, Inc. (NASDAQ:TTD) with a price target of $84. The recent decline post earnings means that that represents a solid 61.1% implied upside.

A large array of computer screens and tech equipment representing the technology company’s self-service cloud-based platform.

The digital advertising company generated $694.04 million in revenue during Q2, an 18.7% growth from the same quarter last year, beating Wall Street estimates of $685.47. The Trade Desk, Inc. (NASDAQ:TTD) reported an EPS of $0.18 per share, eking past the Wall Street estimate of $0.178.

Despite solid growth, that was the lowest growth rate the company has seen since the Covid pandemic.  That, and a soft guidance for Q3, are probably why the stock fell by over 35%. The company is also facing added competition from Amazon and Roku. While Martin acknowledged the decline in the fall, she remains confident in the company’s ability to navigate the present challenging landscape and expects it to deliver value in the long term.

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Disclosure: None.