12:24 PM EDT, 08/09/2024 (MT Newswires) -- The Trade Desk's ( TTD ) stronger-than-expected Q3 outlook is "notable" given increased macro uncertainty recently and slowing Q2 growth in YouTube, Wedbush Securities said in a Friday note.

The company said it expects a 25% year on year increase in revenue to at least $618 million in Q3, ahead of the $605 million consensus, as management sees a stable digital advertising environment persisting into the current quarter, according to the note.

Wedbush said The Trade Desk ( TTD ) has multiple intermediate-term growth drivers such as retail media, international growth, increasing adoption of its Kokai platform, and ongoing shifts in budgets to connected TV advertising from linear.

The investment firm said it also expects the company's second-half growth to benefit from political spending related to the US election in November, with CTV likely to corner a bigger share of the political advertising pie.

Wedbush raised its Q3 revenue estimate for Trade Desk ( TTD ) to $622 million from its initial forecast of $609 million, and reiterated its outperform rating and $110 price target on the stock.

The company's shares were up more than 9% in recent trading.

Price: 96.37, Change: +8.10, Percent Change: +9.17