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Evercore ISI initiated coverage on MNTN Inc (OTC:MNTN) with an outperform rating and a price target of $27.00, according to a research note released Monday. The stock currently trades at $18.51, suggesting significant upside potential to the target. According to InvestingPro analysis, the stock is currently overvalued relative to its Fair Value.
The investment firm cited MNTN’s mission to "transform Connected TV into a next-generation performance marketing channel" as a key factor in its positive outlook. MNTN’s PTV platform enables marketers to leverage non-skippable video ads on connected TVs while utilizing targeting and measurement capabilities similar to paid search and social media advertising. The company maintains a healthy gross margin of 72%, indicating strong operational efficiency.
MNTN generated $226 million in revenue in 2024, representing 28% year-over-year growth. The company reported serving over 2,200 active SMB advertising customers during the same period.
The company achieved a Net Revenue Retention rate of 108% for 2024, demonstrating its ability to expand relationships with existing customers.
Evercore ISI’s $27 price target is based on a 23x EV/EBITDA multiple on the firm’s 2026 EBITDA estimate of $90 million for the connected TV advertising technology company.
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