In a report released today, Andrew Marok from Raymond James upgraded Viant Technology (DSP – Research Report) to a Buy, with a price target of $7.00.
Andrew Marok has assigned a Buy rating to Viant Technology’s stock (DSP) due to a combination of factors. To begin with, Marok recognizes Viant’s strategic shift in customer focus. Instead of catering to larger clients, Viant has chosen to serve small and medium-sized agencies and advertisers, a segment that he believes has better Long-Term Value (LTV) attributes. This decision, he suggests, enables Viant to consolidate its mid-market share and enhances operational efficiency by allowing its sales team to approach potential customers more precisely.
Furthermore, Marok sees Viant’s positioning as a native cookieless platform as a potential advantage in the face of the impending deprecation of third-party cookies in Chrome. He also acknowledges the advantageous valuation of the company, with a solid cash position. Marok also comments on the company’s recent emphasis on AI, which is expected to provide a higher level of sophistication for less-resourced customers to launch and manage campaigns. Lastly, Marok’s $7 price target is based on 8x their 2024 EV/EBITDA estimates, which is slight discount to the adtech comp group average, which he believes is fair given Viant’s slightly lower growth rates and smaller scale.
According to TipRanks, Marok is a 2-star analyst with an average return of -0.5% and a 44.44% success rate. Marok covers the Technology sector, focusing on stocks such as PubMatic, Microsoft, and Perion Network.
In another report released on October 27, Craig-Hallum also maintained a Buy rating on the stock with a $8.00 price target.
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Viant Technology (DSP) Company Description:
Viant Technology Inc is an advertising software company. The software enables the programmatic purchase of advertising, which is the electronification of the advertising buying process. Through the technology, a marketer can easily buy ads on desktop, mobile, connected TV, linear TV, streaming audio and digital billboards.
