Guggenheim Cuts Trade Desk Target to $55, Maintains Buy on Competitive Pressures

Overview

• On September 30, Guggenheim reaffirmed its Buy rating on The Trade Desk but lowered its price target to $55 from $75 due to a crowded DSP market led by Amazon.
• The analyst calls 2025 a transition year marked by the Kokai platform rollout, double-digit headcount growth, and new leadership with COO Vivek Kundra and CFO Alex Kayyal.
• Guggenheim expects reacceleration after Q2 2026, pointing to rising connected-TV programmatic adoption, about $40 million in political ad spend, and audio monetization tied to Spotify commentary.
• Independent bullish research highlights The Trade Desk as the leading independent DSP with client retention consistently above 95% and expanding CTV ties with Disney, NBCU, Walmart, Roku, and Netflix.
• Recent results show Q2 2025 revenue growth slowed to 18.6% year over year from 25.5%, even as Kokai and Unified ID 2.0 reportedly handle roughly two-thirds of client spend and the company holds $1.68 billion in cash.