The Trade Desk Tumbles 5%, Following HSBC Downgrade to $20 Target

Shares of The Trade Desk (TTD) fell more than 5% on Friday. HSBC headlined a series of bearish analyst revisions by downgrading the advertising technology firm.

The bank lowered its rating from Hold to Reduce. Analysts slashed the price target to $20 from $31.

HSBC cited a softer outlook for advertising spending and rising competition for the move. The company's weaker-than-expected Q2 guidance also weighed on investor sentiment.

The decline ranked The Trade Desk among the worst-performing stocks in the S&P 500 for the session.