Viant Technology Inc (DSP) PT Lowered to $26 at Scotiabank

Scotiabank analyst Nat Schindler lowered the price target on Viant Technology Inc (NASDAQ: DSP) to $26.00 (from $27.00) while maintaining a Sector Outperform rating.

The analyst commented: "Viant shares were up ~7% after hours, driven by a strong beat amidst a tough macro backdrop and investor scrutiny within the ad tech space. Contribution ex-TAC (CXT) beat expectations, while adj. EBITDA came in slightly below consensus, largely due to integration costs from IRIS.TV and Lockr acquisitions. Importantly, 2Q guide was strong, with consensus at the midpoint of the CXT guide (~$48.5M) and within the $10.5-11.5M EBITDA guide. While 1Q results were a bit lackluster, 2Q results were strong for Viant, and given the stocks have held in relatively well after the 1Q drop, this performance should help drive shares upward so long as we see similar color from the rest of the ad tech players. This was a good start to the ad tech week, and we look to MGNI for our next indicator today after the close. Ultimately, we remain bullish on the name: the growth is attractive, CTV exposure is a positive, and the set-up going into the rest of 2025 remains strong. Our ests. come down very modestly as we edit the cadence for the rest of the year, and our PT modestly decreases from $27 to $26."

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