Trade Desk gains as BofA starts coverage at "buy"
** Trade Desk's TTD.O shares up 1% at $101.97 on Weds after BofA Global Research initiates ad-tech firm at "buy"
** Brokerage sets PT at $135 in tie for Street high, per LSEG, implying ~34% upside to stock's last close
** TTD has strategically positioned itself within growing connected TV (CTV) and retail media ad markets, and poised to benefit from anticipated global robust growth over the next several years, BofA says in note
** Similar to Netflix NFLX.O and Spotify SPOT.N, TTD's innovation has enabled it to sustain and accelerate its competitive advantage, BofA says, adding TTD has established an effective "moat"
** PT based on ~41x EV/EBITDA is just under 10% premium to high growth peers, which BofA says is warranted given TTD's attractive top line growth and "compelling" unit economics (~80% gross margins)
** 28 of 34 brokerages covering TTD rate stock "strong buy" or "buy", 4 have "hold" and 2 say "sell"; median PT is $112.50 - LSEG
** With move on the session, TTD shares up nearly 42% YTD including ~22% gain over the past month
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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