Rosenblatt analyst Barton Crockett initiated coverage on Viant Technology Inc. DSP on Tuesday with a Buy rating and price forecast of $20.
Crockett suggests that although Viant is much smaller than The Trade Desk, Inc. TTD, its innovative approach positions it well in the growing AdTech space.
U.S.-focused Viant stands out with its Household ID identity graph, which maps people and devices within homes to improve ad targeting—reaching 80% of the bid stream, up 50% year-over-year. Unlike traditional identifiers like UID 2.0, Viant’s model enhances addressability and is backed by its unique Conversion Lift analysis to measure the true impact of ad campaigns.
The analyst notes that while macro risks from potential tariff wars remain, Viant’s past challenges—such as the 2022 ad market slowdown that led to pulled guidance and a 12% drop in contribution excluding TAC—highlight the sector’s vulnerability.
However, with a 15% rebound in 2023 and expectations that Trump may ease trade tensions to stabilize the economy, the ad outlook could improve. Viant is also seen as less exposed to high-risk segments, with minimal reliance on auto ads and a stronger focus on sectors like healthcare. The company remains optimistic about near-term trends.
Overall, the analyst highlights Viant’s focus on a structurally growing segment, supported by innovations like its household-based identity graph and tools that measure the incremental value of CTV and other ad views.
Additionally, Viant may gain from any regulatory action stemming from the AdTech antitrust case against Google, particularly if it leads to market reforms, Crockett writes.
Price Action: DSP shares are trading higher by 2.73% to $14.70 at last check on Tuesday.
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