Earnings$TTD5:49 AM ETdeveloping · v2

Raymond James Downgrades Trade Desk to Underperform After Weak Q2, Q3 Outlook

By BORSA NewsroomPublished Aug 7, 2026, 5:49 AM EDTUpdated Aug 11, 2026, 8:39 PM EDT

Raymond James downgraded TTD to Underperform. Analyst Aaron Kessler cited a below-expectations Q2, a sharply negative Q3 outlook, macro headwinds, and buyer preference for lower-cost media. He noted TTD's first-ever non-pandemic YoY revenue decline and margin deleverage, saying the valuation premium is unjustified.

Sentimentbearish 20

Strongly bearish · 20 of 100

Impact60

medium · sector-wide

Confidence70%

moderate confidence · 2 wires

Eventdeveloping

v2 · alerts feed only

WHAT WE KNOW

Raymond James downgraded TTD to Underperform.