The Handelsdesk, Inc. (NASDAQ:TTD) Shares are trading lower on Tuesday after Rosenblatt provided an update on the company’s management transition.
Rosenblatt lowers price target during CFO transition
Rosenblatt Analyst Barton Crocket maintained a buy rating on The Trade Desk, but lowered its price target to $53 from $64, citing the departure of the company’s CFO this week.
The price target reduction reflects a lower valuation multiple following the recent resignation of the CFO Alexander Kayal after just 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 took over as CFO in August 2025 and was dismissed effective January 24, 2026, according to a filing with the regulator. Rosenblatt noted that Kayyal will retain his seat on the company’s board of directors until the 2026 annual meeting. Tahnil Davisthe Chief Accounting Officer of the Trade Desk and an eleven-year company veteran, has taken on the role of CFO 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 reported growth of 13%, or 19% growth excluding political ads, and adjusted EBITDA of approximately $375 million, reflecting a 7% increase. Rosenblatt said his guidance estimates remain unchanged.
Rosenblatt’s updated price target is based on an 18 times multiple of estimated 2026 adjusted EBITDA, up from the previous 22 times multiple. Despite the lowered target, the company said it continues to see healthy growth and maintains a buy rating, citing an expected upside of more than 50% from current levels.
The analyst also noted that other senior executives have also been hired in recent years, including the COO Vivek Kundra and chief revenue officer Anders Mortensenseem to perform well in their roles.
Other analyst updates on Tuesday included a target price cut from Truist Securities to $60 and a target price cut from Citigroup to $38. Truist and Citigroup maintained a buy and neutral rating on the stock, respectively.
TTD stock falls to new lows
TTD price promotion: At the time of publication, The Trade Desk stock is trading 4.73% lower at $32.21, according to data from Benzinga Pro.
Image via Shutterstock
#Trade #Desk #shares #hit #52week #sudden #departure #CFO #Trade #Desk #NASDAQTTD