Trade Desk's (TTD) Q1 beat was driven by faster adoption of its Kokai media buying platform, Morgan Stanley said in a note Friday.
The investment bank noted that two-thirds of customers are now onboarded, which is "well ahead of targets."
"We see multiple product initiatives in place to drive future earnings revisions, including a 100% Kokai adoption target this year," Morgan Stanley said.
The firm said the company's Q1 results, as well as a "stronger-than-expected" Q2 outlook and commentary, prompted it to increase its earnings before interest, taxes, depreciation and amortization estimates for the company by 10% for 2025 and 6% for 2026.
Morgan Stanley boosted its price target on Trade Desk to $80 from $60 and maintained its overweight rating.
The company's shares rose 21% in recent Friday trading.
Price: 72.65, Change: +12.75, Percent Change: +21.29
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