The Trade Desk面臨競爭壓力，Wedbush下調評級

英為財情

2025/08/08

Investing.com - The Trade Desk第二季度營收略高於市場預期，調整後EBITDA為2.71億美元，超出指引約1000萬美元。管理層將這一表現歸功於Kokai平台，目前約70%的客戶支出都在該平台上進行。儘管業績良好，Wedbush在周五的一份報告中將The Trade Desk (NASDAQ:TTD)的評級從"跑贏大盤"下調至"中性"，並將目標價下調至每股68美元，理由...

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The Trade Desk第二季度營收略高於市場預期，調整後EBITDA為2.71億美元，超出指引約1000萬美元。管理層將這一表現歸功於Kokai平台，目前約70%的客戶支出都在該平台上進行。儘管業績良好，Wedbush在周五的一份報告中將The Trade Desk (NASDAQ:TTD)的評級從\"跑贏大盤\"下調至\"中性\"，並將目標價下調至每股68美元，理由...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2929086\">網頁鏈接</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面臨競爭壓力，Wedbush下調評級</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: 12.5px; color: #7E829C; margin: 0;}\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面臨競爭壓力，Wedbush下調評級\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">英為財情</strong><span class=\"h-time small\">2025-08-08 22:15</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>Investing.com - The Trade Desk第二季度營收略高於市場預期，調整後EBITDA為2.71億美元，超出指引約1000萬美元。管理層將這一表現歸功於Kokai平台，目前約70%的客戶支出都在該平台上進行。儘管業績良好，Wedbush在周五的一份報告中將The Trade Desk (NASDAQ:TTD)的評級從\"跑贏大盤\"下調至\"中性\"，並將目標價下調至每股68美元，理由...</p>\n\n<a href=\"https://cn.investing.com/news/stock-market-news/article-2929086\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://cn.investing.com/news/stock-market-news/article-2929086\">英為財情</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2756315318.SGD","symbol_name":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","start_time":0,"source_url":"https://cn.investing.com/news/stock-market-news/article-2929086","article_id":"2557706573","we_media_id":null,"thumbnails":[],"rights":{"source":"investing_news","url":"https://cn.investing.com/news/stock-market-news/article-2929086","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2557706573","pubTimestamp":1754662500,"columns":[],"sourceInfo":{"source_id":"investing_news","name":"英为财情新闻"},"weMediaInfo":null,"summary":"Investing.com - The Trade Desk第二季度營收略高於市場預期，調整後EBITDA為2.71億美元，超出指引約1000萬美元。TTD股價在周五暴跌超過38%。Wedbush指出，\"近幾個月多份報告顯示亞馬遜更積極地改進其DSP功能\"，多家營銷商正將預算從The Trade Desk轉移。雖然Wedbush仍然預計The Trade Desk將從電視廣告預算向CTV和程序化廣告的轉移中受益，但現在預計\"長期軌跡將放緩\"，並警告如果競爭壓力加劇，該公司可能需要增加投資。","collect":0,"end_time":0,"defaultTopTitle":"investing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4528":"SaaS概念","TSYW.SI":"TESLA 3xLongSG261006",".IXIC":"NASDAQ Composite","TQQQ":"纳指三倍做多ETF","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","ON":"安森美半导体","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU2362540622.SGD":"WELLINGTON NEXT GENERATION GLOBAL EQUITY \"A\" (SGDHDG) ACC","QLD":"2倍做多纳斯达克100指数ETF-ProShares","BK4559":"巴菲特持仓","LU0238689110.USD":"贝莱德环球动力股票基金","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","IE00BFXG0V08.USD":"BNY MELLON GLOBAL LEADERS \"B\" (USD) ACC","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","SQQQ":"纳指三倍做空ETF","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","USAW.SI":"AMZN 3xLongSG261006","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","QID":"两倍做空纳斯达克指数ETF-ProShares","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - 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The Trade Desk第二季度營收略高於市場預期，調整後EBITDA為2.71億美元，超出指引約1000萬美元。管理層將這一表現歸功於Kokai平台，目前約70%的客户支出都在該平台上進行。儘管業績良好，Wedbush在周五的一份報告中將The Trade Desk (NASDAQ:TTD)的評級從\"跑贏大盤\"下調至\"中性\"，並將目標價下調至每股68美元，理由是\"競爭強度上升（主要來自亞馬遜(NASDAQ:AMZN)DSP）\"以及對其與關鍵代理合作伙伴關係和長期市場規模的擔憂。TTD股價在周五暴跌超過38%。Wedbush指出，\"近幾個月多份報告顯示亞馬遜更積極地改進其DSP功能\"，多家營銷商正將預算從The Trade Desk轉移。亞馬遜6月份與迪士尼(NYSE:DIS)和 Roku (NASDAQ:ROKU)的整合開放了對優質CTV庫存的訪問，Wedbush表示，這\"驗證了其DSP的實力，並表明The Trade Desk的價值主張可能會隨着時間的推移而減弱\"。該公司還強調了管理層增加的平台投資，預計2025年調整後EBITDA利潤率將下降約175個點子，而2024年擴大了169個點子。2025年的收入增長現在預計為按年17.4%，低於此前約21%的預期，宏觀不確定性和潛在的監管變化限制了下半年的可見度。雖然Wedbush仍然預計The Trade Desk將從電視廣告預算向CTV和程序化廣告的轉移中受益，但現在預計\"長期軌跡將放緩\"，並警告如果競爭壓力加劇，該公司可能需要增加投資。按照Wedbush修訂後的2026年調整後EBITDA估計的約22倍計算，該經紀公司表示，相對於同行的估值溢價\"不合理\"。\n本文由人工智能協助翻譯。更多信息，請參見我們的使用條款。","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"}}}