The Trade Desk, ticker TTD, is analyzed based on its recent earnings report, which caused the stock price to decline. Despite the price drop, the company's revenue grew 19% year-over-year, outperforming the digital advertising market, primarily due to the strength of its connected TV (CTV) segment. The company is signing more multiyear joint business plans (JBPs) than ever before, and spend under these JBPs significantly outpaces the rest of the business. A new platform upgrade, Kokai, is improving returns on ad spend for clients, as evidenced by their increasing overall spend on the Trade Desk. Advertisers are getting better returns on their ad dollars, with approximately three-quarters of all client spending now running through Kokai, and all clients are expected to be using it by the end of the year. Power at the Walt Disney Company indicated intention to shift 75% of their ad revenue to biddable programmatic by 2027, which favors TradeDesk. Intrinsic value is estimated around $70, with buy recommendation for the stock aiming at a price between 60 and 66, if it reach 40 it's invalidated.