Trade Desk Inc

Despite TTD’s Stage 4 decline, compressed valuation and high free cash flow yield near historical bounds support a bullish medium-term bias. However, price remains below declining EMAs without clear exhaustion, so we defer execution, stalking pullbacks into the prior mid-cycle trough support zone for mean-reversion entries.

• ↑Revenue reached $689M in Q1, up 12% YoY; Q2 guided ~$750M
• ↑Kokai AI platform drove up to 43% improvement in ad effectiveness
• ↓CPG and auto headwinds trimmed growth by an estimated 5%