Group 1 - Morgan Stanley downgraded The Trade Desk's investment rating from "Overweight" to "Market Perform" due to increasing concerns about the company's connected TV (CTV) business [1] - The Trade Desk's Q3 revenue growth guidance of 14% was below expectations, reigniting doubts about its performance and indicating ongoing challenges ahead [1] - Factors contributing to uncertainty include rising resistance from advertisers, Amazon's rapid expansion of its demand-side platform (DSP) through new deals with Roku and Disney, and risks to the company's gross billings (excluding CTV) due to a weak open web advertising market [1] Group 2 - Morgan Stanley believes that fundamental uncertainties, a challenging year-over-year comparison in 2026, and resistance in the open web advertising market limit The Trade Desk's stock upside potential, making risk and reward more balanced [2] - The target price for The Trade Desk was lowered from $80 to $50, indicating nearly a 4% downside from the current price [2]