On Tuesday, Craig-Hallum updated its outlook on Viant Technology Inc (NASDAQ:DSP), increasing the stock price target to $14 from the previous $8 while maintaining a Buy rating on the stock. The firm highlighted the company's significant progress over the last year, which included more than 20% revenue growth and over 30% EBITDA margins in the fourth quarter.
Viant Technology's management team has been recognized for their efforts in overcoming the challenges faced in 2022 and setting a strong foundation for future growth. The company concluded the year with its largest pipeline of new contracts to date, signaling potential for further expansion of its market share.
The analyst from Craig-Hallum noted the impact of artificial intelligence tools, household identification (HHID), and strategic moves up-market as key factors contributing to Viant's improved pipeline. These elements are expected to drive sustained growth rates that outpace the market throughout 2024.
Moreover, the firm sees the growing enthusiasm for connected TV (CTV) and the ongoing shift away from cookie-based tracking as tailwinds that could benefit Viant Technology. These industry changes are anticipated to create opportunities for the company to gain a larger share of the market.
The revised price target reflects the firm's confidence in Viant Technology's ability to capitalize on these opportunities and continue its trajectory of growth in the coming year. The analyst's positive outlook is based on the company's recent performance and strategic positioning in the evolving digital advertising landscape.
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