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Citizens JMP analyst firm initiated coverage on MNTN Inc (OTC:MNTN) Monday with a Market Outperform rating and a price target of $23.00, representing a 24% upside from the current price of $18.51. According to InvestingPro, the company maintains a FAIR overall financial health score of 2.24.
The research firm cited MNTN’s ability to efficiently attract small and medium-sized businesses while retaining and growing their advertising budgets as key factors behind the positive outlook.
Citizens JMP highlighted that MNTN has "uniquely combined access to TV-quality video ads with an efficient go-to-market strategy" that currently enables the company to generate 74% of its leads through inbound marketing on its own advertising platform.
The firm noted that television advertisements are already among the most effective ad formats, and with increasing consumer adoption of streaming television, connected TV (CTV) advertising has substantial growth potential.
Citizens JMP believes MNTN is positioned to establish another performance channel alongside search and social media advertising, which could help the company exceed both the firm’s estimates and broader investor expectations.
In other recent news, MNTN Inc reported a revenue of $226 million for 2024, marking a 28% increase compared to the previous year. The company also achieved a Net Revenue Retention rate of 108%, indicating successful expansion with existing customers. In addition, Evercore ISI initiated coverage on MNTN with an outperform rating and a price target of $27.00. The investment firm highlighted MNTN’s focus on transforming Connected TV into a performance marketing channel as a key factor for its positive outlook. Evercore ISI’s valuation is based on a 23x EV/EBITDA multiple, with an EBITDA estimate of $90 million for 2026. MNTN’s platform serves over 2,200 active small and medium-sized business advertising customers. These developments reflect MNTN’s strategic positioning in the connected TV advertising market.
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