DSP Strong CTV And Enterprise Deals Will Drive Future Upside

Analysts have trimmed their average price target on Viant Technology to approximately $21 from about $25, reflecting higher discount-rate assumptions and sharply lower margin expectations. At the same time, they continue to cite strong recent results, expanding connected TV exposure, and new enterprise partnerships as support for ongoing double-digit revenue growth.

Analyst Commentary

Bullish analysts acknowledge the recent reduction in price targets but continue to emphasize that Viant's execution and pipeline support a constructive long term view. Recent research notes point to upside potential anchored in better than expected operating results and a growing base of enterprise and connected TV relationships.

The latest quarter featured contribution ex traffic acquisition costs modestly ahead of consensus and EBITDA above the high end of guidance, reinforcing confidence in management's ability to deliver profitable growth even as discount rate assumptions move higher. Bullish analysts also highlight that new multi year agreements with large brand advertisers signal that Viant is successfully moving upmarket and deepening its share of wallet with blue chip clients.

In addition, despite a steep share price decline this year tied to tariffs, the loss of a key advertiser, and competitive fears around larger platforms, some on the Street argue that these pressures are already more than priced in. They see the current valuation as discounting a far more severe slowdown than is visible in underlying contribution growth or in the expanding enterprise pipeline.

Connected television remains a central pillar of the bullish thesis, with nearly half of total ad spend on Viant's platform already coming from CTV campaigns. As advertisers continue shifting budgets toward CTV, bullish analysts expect Viant's differentiated data assets and evolving AI tools to support sustained double digit growth in contribution ex traffic acquisition costs over the medium term.

Bullish Takeaways

• Despite lower headline price targets, bullish analysts continue to see upside potential in the shares, citing strong Q3 execution, an expanding enterprise pipeline, and a valuation that already reflects macro and competitive risks.
• Outperformance on contribution ex traffic acquisition costs and EBITDA versus guidance is viewed as evidence that Viant can execute against its growth strategy while maintaining disciplined profitability.
• New multi year partnerships with major brand advertisers are seen as validation of Viant's move upmarket and its ability to convert a sizable enterprise ad spend pipeline into durable, high value revenue streams.
• The growing mix of connected TV spend on the platform, supported by differentiated data and AI capabilities, is described as a structural growth driver that could support sustained double digit contribution growth and multiple expansion over time.

What's in the News

• Issued fourth quarter 2025 revenue guidance of $101.5 million to $104.5 million, signaling continued top line growth expectations. (Company guidance)
• Expanded Direct Access program through a deeper integration with Magnite's SpringServe video platform, giving advertisers more transparent and efficient paths to premium CTV supply. (Company announcement)
• Signed a multi year agreement naming Viant the advertising platform for Molson Coors starting in 2026, leveraging Viant's Household ID and identity infrastructure to scale first party data across channels. (Company announcement)
• Broadened partnership with Tubi, adding an ID sync and IRIS.TV powered contextual and emotional targeting to reach over 100 million monthly active users with more precise and outcome driven CTV campaigns. (Company announcement)

Valuation Changes

• Fair Value: Reduced from approximately $25.46 to about $21.44, indicating a moderate downward revision in intrinsic value estimates.
• Discount Rate: Increased slightly from roughly 8.50 % to about 8.55 %, reflecting a modestly higher assumed cost of capital or risk profile.
• Revenue Growth: Raised from around 16.0 % to approximately 18.8 %, signaling higher expectations for top line expansion.
• Net Profit Margin: Cut significantly from about 9.5 % to roughly 2.8 %, implying a much more conservative outlook on future profitability.
• Future P/E: Lowered from roughly 44.8 x to about 30.6 x, pointing to a reduced valuation multiple in light of updated growth and margin assumptions.