US Internet Focus Call on TTD

Date and Time
January 18, 2023

10:00am ET
Why: Following NFLX, we'll host a doubleheader and dive right into TTD afterwards, as the growth of Connected TV advertising is a key driver for both stocks. We are positive on TTD's long-term opportunity to win more spend and greater share of the ad tech addressable market. However, we don’t think valuation properly accounts for risks to TTD’s identity strategy and potential headwinds to the take rate, where we expect consistent declines.