Benchmark analyst Mark Zgutowicz downgrades The Trade Desk, Inc. (NASDAQ: TTD) from Hold to Sell with a $38 price target. Post CEO Jeff Green's bullish 1Q and broad 2023 outlook on the 4Q call, the analyst believes buy-side expectations have rerated to untenable levels while eclipsing overly optimistic consensus expectations. While CTV ad unit growth remains relatively healthy and on pace to support an estimated ~40% of TTD's gross spend in the next two years, non-CTV development (e.g., mobile a Read More...
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Silicon Valley Bank shoots self in foot
It may go down in the history books about Silicon Valley: the time that its most prominent bank, a bank founded nearly 40 years earlier, inflicted such grievous injury on itself that it had to be rescued by another, even bigger bank or else risk going down in flames in a single day. If you’re just catching up, here’s what happened: Silicon Valley Bank lost $1.8 billion in the sale of U.S. treasuries and mortgage-backed securities that it had invested in, owing to rising interest rates. The plan was to sell $1.25 billion of its common stock to investors, $500 million in convertible preferred shares, and $500 million of its common stock in a separate transaction to the private equity firm General Atlantic.
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