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The Trade Desk (NASDAQ:TTD) stock continued to gain momentum on Tuesday, extending its rally from Monday’s after-hours session.
TTD shares surged after S&P Dow Jones Indices announced that the company will be added to the S&P 500, replacing ANSYS Inc. (ASDAQ: ANSS), before the market opens on July 18.
The index reshuffle follows the anticipated completion of Synopsys Inc.’s (NASDAQ:SNPS) acquisition of Ansys on July 17.
Also Read: The Trade Desk Stock Is Moving Lower Thursday: What’s Driving the Action?
Recent analyst ratings for The Trade Desk include Scott Devitt of Wedbush, who reiterated an Outperform rating and maintained an $86 price forecast.
Ygal Arounian of Citigroup maintained a Buy rating and raised the price forecast from $82 to $90. Alec Brondolo of Wells Fargo downgraded the stock from Overweight to Equal-Weight, lowering the price forecast from $74 to $68.
Matthew Condon of JMP Securities reiterated a Market Outperform rating and maintained a $100 price forecast.
Over the past three months, 24 analysts have evaluated The Trade Desk, with the majority maintaining a bullish outlook. Currently, 13 analysts are bullish, 10 are somewhat bullish, and none are bearish or somewhat bearish.
However, sentiment has cooled slightly over the past 30 days, with only one “somewhat bullish” update during that period, according to Benzinga Insights.
The average 12-month price forecast now stands at $83.88, reflecting an 8.26% decrease from the previous average of $91.43. Analyst estimates currently range from $60 to $100.
Overall, analysts view The Trade Desk as a financially solid company with long-term growth potential, though near-term sentiment has moderated due to market volatility. The stock has a 52-week high of $141.53 and a 52-week low of $42.96, representing a peak-to-trough decline of approximately 70%.
Price Action: TDD shares are trading higher by 8.98% to $82.20 on Tuesday’s last check.
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