Reiterate Outperform for TTD, our top SMID-cap pick, as a Netflix CTV demand partnership reinforces our view that TTD is best-positioned against a massive $150B linear TV opportunity shift towards connected TV.
NFLX's decision to onboard new programmatic partners (e.g., TTD, GOOG, MGNI) represents a faster-than-expected transition of Connected TV ad sales from direct deals into biddable auctions.
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