12:50 PM EDT, 09/04/2024 (MT Newswires) -- The Trade Desk ( TTD ) is well positioned in high growth digital advertising, BofA Securities said Wednesday in a report, initiating coverage of the company with a buy rating.

"Attractive top-line growth, high margins, compelling unit economics (~80% gross margins) and long runway for growth warrants a premium valuation," BofA said.

Trade Desk ( TTD ) sustained and accelerated a competitive advantage in programmatic advertising and industry leadership despite competition from large tech companies, BofA said. "It is now a centralized marketplace for digital advertising transactions, establishing an effective 'moat,'" partly driven by artificial-intelligence initiatives, the report said.

BofA has a $135 price objective on The Trade Desk ( TTD ).

Shares of The Trade Desk ( TTD ) rose 1.7% in recent Wednesday trading.

Price: 102.65, Change: +1.68, Percent Change: +1.66