The Trade Desk rises as Piper Sandler initiates with overweight rating, sees 30% upside
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The Trade Desk (NASDAQ:TTD) shares rose nearly 2% in premarket trading on Tuesday as investment firm Piper Sandler started coverage on the advertising technology firm, noting it is likely to benefit from the rise of connected TV.
Analyst Matt Farrell started covering The Trade Desk (TTD) shares with an overweight rating and a $60 price target, implying some 30% upside from current levels, noting that even though concerns over advertising are at "all-time highs," the company has continued to execute well. 
"While the macro could prove to be choppy in the near term, we expect Trade Desk to continue to outperform regardless of macro-cycle," Farrell wrote in a note to clients. "We recommend investors own Trade Desk for exposure to the multi-year connected TV ramp but also as a unique asset in the broader digital advertising market."
Farrell added that he expects The Trade Desk (TTD) to grow more than 30% this year, due in part to the rise of connected TV, its ability to provide data-driven solutions and "little to no impact" from Apple's (AAPL) Identifier for Advertisers policy, all of which have allowed it to gain market share.
Earlier this month, Bank of America listed The Trade Desk (TTD) among several "losers" in the immersive reality trend, citing its focus on traditional digital advertising and the need to transition.