The Trade Desk, Inc. (NASDAQ:TTD) shares are trading lower Tuesday after Rosenblatt provided an update following the company’s management transition.
- The Trade Desk stock is at significant support. Why did TTD hit a new low?
Rosenblatt Lowers Price Target On CFO Transition
Rosenblatt analyst Barton Crockett maintained a Buy rating on The Trade Desk, but lowered the price target from $64 to $53, citing the company’s CFO departure this week.
The price target reduction reflects a lower valuation multiple following the recent termination of CFO Alexander Kayyal after only five months in the role. The analyst said the unexpected leadership change reduces the justification for assigning a valuation premium to the company’s growth.
Kayyal assumed the CFO position in August 2025 and was terminated effective Jan. 24, 2026, according to a regulatory filing. Rosenblatt noted that Kayyal will retain his seat on the company’s board of directors until the 2026 annual meeting. Tahnil Davis, The Trade Desk’s chief accounting officer and an 11-year company veteran, has assumed the CFO role on an interim basis.
The analyst noted that The Trade Desk reiterated its fourth-quarter guidance, which includes revenue of at least $840 million, representing 13% reported growth, or 19% growth excluding political advertising, and adjusted EBITDA of approximately $375 million, reflecting a 7% increase. Rosenblatt said its estimates remain unchanged based on guidance.
Rosenblatt’s updated price target is based on an 18-times multiple of estimated 2026 adjusted EBITDA, compared with the prior 22-times multiple. Despite the reduced target, the firm said it continues to see healthy growth and retains a Buy rating, citing projected upside of more than 50% from current levels.
The analyst also noted that other senior executive hires made in recent years, including COO Vivek Kundra and chief revenue officer Anders Mortensen, appear to be performing well in their roles.
Other analyst updates on Tuesday include a price target cut to $60 from Truist Securities and a price target cut to $38 from Citigroup. Truist and Citigroup maintained Buy and Neutral ratings on the stock, respectively.
TTD Stock Falls To Fresh Lows
TTD Price Action: At the time of publication, The Trade Desk stock is trading 4.73% lower at $32.21, according to data from Benzinga Pro.
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