MNTN rises as analysts initiate coverage with positive ratings after last month's IPO
Shares in MNTN Inc MNTN.K, an advertising platform for internet-connected TVs which has actor Ryan Reynolds as its chief creative officer, up ~15% on Monday, tracking for record daily gain since its recent debut, as a group of analysts initiated coverage with bullish recommendations after the IPO quiet period ceased
On Monday brokerages initiating coverage included Needham, which rated it 'buy' and gave it a $25 price target; Susquehanna, which started with a positive rating and a $38 PT; Citigroup, which gave it a neutral rating and a $22 PT
Needham projected MNTN's rev growth of 25% y/y in FY25, 16% y/y in FY26, saying growth "among the fastest in AdTech," says 96% of its clients have never advertised on CTV before, and its customer acquisition costs are lower than taking ad buyers away from other AdTech companies
MNTN, which made its NYSE debut May 22, was last at $21.31. Stock soared above its $16 IPO price in its debut and traded to $32.49, its highest level so far, on May 23 before paring gains
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