The Trade Desk面临竞争压力，Wedbush下调评级

英为财情

2025/08/08

Investing.com - The Trade Desk第二季度营收略高于市场预期，调整后EBITDA为2.71亿美元，超出指引约1000万美元。管理层将这一表现归功于Kokai平台，目前约70%的客户支出都在该平台上进行。尽管业绩良好，Wedbush在周五的一份报告中将The Trade Desk (NASDAQ:TTD)的评级从"跑赢大盘"下调至"中性"，并将目标价下调至每股68美元，理由...

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The Trade Desk第二季度营收略高于市场预期，调整后EBITDA为2.71亿美元，超出指引约1000万美元。管理层将这一表现归功于Kokai平台，目前约70%的客户支出都在该平台上进行。尽管业绩良好，Wedbush在周五的一份报告中将The Trade Desk (NASDAQ:TTD)的评级从\"跑赢大盘\"下调至\"中性\"，并将目标价下调至每股68美元，理由...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2929086\">网页链接</a>\n\n</div>\n","source":"investing_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Trade Desk面临竞争压力，Wedbush下调评级</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Trade Desk面临竞争压力，Wedbush下调评级\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-08 22:15 北京时间&nbsp;&nbsp;&nbsp;<a href=https://cn.investing.com/news/stock-market-news/article-2929086><strong>英为财情</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Investing.com - 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The Trade Desk第二季度营收略高于市场预期，调整后EBITDA为2.71亿美元，超出指引约1000万美元。管理层将这一表现归功于Kokai平台，目前约70%的客户支出都在该平台上进行。尽管业绩良好，Wedbush在周五的一份报告中将The Trade Desk (NASDAQ:TTD)的评级从\"跑赢大盘\"下调至\"中性\"，并将目标价下调至每股68美元，理由是\"竞争强度上升（主要来自亚马逊(NASDAQ:AMZN)DSP）\"以及对其与关键代理合作伙伴关系和长期市场规模的担忧。TTD股价在周五暴跌超过38%。Wedbush指出，\"近几个月多份报告显示亚马逊更积极地改进其DSP功能\"，多家营销商正将预算从The Trade Desk转移。亚马逊6月份与迪士尼(NYSE:DIS)和 Roku (NASDAQ:ROKU)的整合开放了对优质CTV库存的访问，Wedbush表示，这\"验证了其DSP的实力，并表明The Trade Desk的价值主张可能会随着时间的推移而减弱\"。该公司还强调了管理层增加的平台投资，预计2025年调整后EBITDA利润率将下降约175个基点，而2024年扩大了169个基点。2025年的收入增长现在预计为同比17.4%，低于此前约21%的预期，宏观不确定性和潜在的监管变化限制了下半年的可见度。虽然Wedbush仍然预计The Trade Desk将从电视广告预算向CTV和程序化广告的转移中受益，但现在预计\"长期轨迹将放缓\"，并警告如果竞争压力加剧，该公司可能需要增加投资。按照Wedbush修订后的2026年调整后EBITDA估计的约22倍计算，该经纪公司表示，相对于同行的估值溢价\"不合理\"。\n本文由人工智能协助翻译。更多信息，请参见我们的使用条款。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}