HSBC Cuts Trade Desk Target to $20

HSBC downgraded The Trade Desk from Hold to Reduce, cutting price target to $20 from $31.
Analyst cites weakening agency relationships, with agencies representing over 40% of billings, and heightened DSP competition.
Second‑quarter revenue guidance lowered to 8% YoY growth, the slowest since its 2016 IPO.
HSBC trimmed 2026‑27 revenue 3‑5%, EPS 14‑17%, using 6.0× multiple on revised 2027 EBITDA $1.38 bn.