Raymond James Starts Viant Technology Inc (DSP) at Market Perform
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Raymond James analyst Aaron Kessler initiates coverage on Viant Technology Inc (NASDAQ: DSP) with a Market Perform rating.
The analyst comments "From a fundamental perspective, we believe there are many positives to Viant’s outlook, including: 1) an attractive market backdrop in programmatic advertising driven by strength in mobile and video; 2) unique positioning for Viant leveraging “people-based” user targeting that doesn’t rely on 3P cookies; 3) solid positioning in high-growth sectors of programmatic advertising such as connected TV (CTV), which comprised about a third of total revenue generated on the platform (growing 75% y/y) in the first nine months of 2020; and 4) our expectations for ~20% long-term revenue growth and 35%+ long-term EBITDA margins. While our fundamental outlook remains positive, we believe risk/reward is balanced at its recent valuation levels, approaching 21x 2022E EV/gross profits, which marks a premium to the peer group. We assign a High Risk/Growth suitability rating based on the AdTech industry’s rapidly changing dynamics."
Shares of Viant Technology Inc closed at $41.32 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Related EntitiesRaymond James, Aaron Kessler
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