Citizens reiterated a Market Perform rating on The Trade Desk. This follows Walmart's decision to end its exclusive partnership for retail media data and demand-side platform services.
Walmart is opening its platform to competing technology providers. These new partners include Magnite, Yahoo DSP, and Google DV360.
Walmart also acquired its own bidder, Vibe.co, to expand internal capabilities. This acquisition further reduces the retailer's reliance on The Trade Desk.
Citizens analysts labeled the news as a negative development for the company. The Trade Desk stock currently trades near its 52-week low after a significant decline over the past year.